Indian Government to raise stake in Vodafone Idea to 48.99%
Indian Government to raise stake in Vodafone Idea to 48.99%
The Indian government will increase its stake in Vodafone Idea to approximately 48.99% by converting 369.5 billion rupees ($4.3 billion) in outstanding spectrum auction dues into equity, a regulatory filing from the company showed on Sunday.The Ministry of Communications has directed Vodafone Idea to issue 36.95 billion shares at 10 rupees each, the filing said, boosting the government's stake from 22.6%. The government is already the largest shareholder in the telecom company, according to LSEG data.
