Vodafone Idea’s Board of Directors has approved the conversion of the full amount of interest arising out of the company's spectrum auction installments and AGR (Adjusted Gross Revenue) dues into equity, as per a regulatory filing with the National Stock Exchange. It means that the Indian government will now be a stakeholder to the tune of 35.8 percent in India’s third-largest telecom company. The filing revealed that the Net Present Value (NPV) of the interest is around Rs.16,000 crores, according to the estimates of the company. It also added that after the conversion, Vodafone Group will hold around 28.5 percent and the Aditya Birla Group will hold around 17.8% respectively. This rescue plan was crucial for Vodafone Idea, which has been losing customers to bigger rivals, Bloomberg explained in its report. It affected the company’s financial health as the price…
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