Vodafone Idea approves conversion of spectrum interest, government dues into equity

Indian telecom operator Vodafone Idea said on Tuesday its board approved conversion of the full amount of interest related to spectrum auction instalments and dues owed to the government for use of the airwaves into equity.

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Following the conversion, the Indian government will hold about 35.8% of the total outstanding shares of the company, Vodafone Idea said in a statement. Promoter shareholders Vodafone Group would hold around 28.5% and Aditya Birla Group around 17.8%.