The share price of the company is Rs. It is reported that the government will buy a stake in telecom operator Vodafone Idea after settling on the above. 10 or more, after the telco made a stake offer at that price which was approved by the finance ministry in July. Operators in the country were earlier offered to pay interest for four years deferred spectrum installation as well as Adjusted Gross Revenue (AGR) by converting net present value of interest into equity.
According to a report by PTI quoting an official source, the company’s shares were valued at Rs. Once the above is settled, the Department of Telecom will approve the purchase of shares in Vodafone Idea. 10 or more, as per Securities and Exchange Board of India (SEBI) regulations which require acquisition at par value.
The telecom operator had offered the stake to the government at the above price and the finance ministry had reportedly cleared the proposal in July.
Vodafone Idea had opted to convert about Rs. 16,000 crore in interest liability owed to the government. After the acquisition, the promoters of the telecom operator will hold 50 percent, down from around 75 percent, while the government will hold 33 percent.
However, according to reports, the government will complete the acquisition of shares in Vodafone Idea only when the share price reaches Rs. 10 or higher. On Thursday, the operator’s shares traded at Rs. 9.68 – Reportedly, the limit required for acquisitions has not been crossed since April 19.
