Vodafone Idea on Tuesday informed that the board at its meeting held on Monday has approved the conversion of the full amount of interest related to spectrum auction instalments and Adjusted Gross Revenue (AGR) Dues into equity. The conversion will therefore result in dilution to all the existing shareholders of the company, including the promoters. Shares of Vodafone Idea were trading over 16% lower to ₹12 apiece on the BSE in Tuesday's opening deals. The Department of Telecommunications (DoT) had provided various options to the company in connection with Telecom Reforms Package, after which Vodafone Idea's board in October had approved deferring payment of spectrum auction installments & AGR dues by 4 years. Earlier this month, telecom major Bharti Airtel had informed that it will not avail the option of conversion of the interest on deferred spectrum and AGR dues into equity, under the reforms package.

Source: Mint January 11, 2022 07:28 UTC