SEBI approves transfer of AGR Dev to equity: Govt to own 30% stake in Voda-Idea

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- SEBI also accepted an application to classify the shareholding of the Government of India as public shareholding in special cases

Ahmedabad. 20 October 2022, Thursday

The government's proposal to Sebi has given the green light to India's top telecom unit Vodafone-Idea's proposal for an equity conversion plan for pending Adjusted Gross Revenue (AGR) arrears. The government's proposal to convert Vodafone Idea's AGR dues into equity has received final approval, according to a report on Thursday.

Among the major telecom companies in the country, Vodafone Idea has the highest liability in the form of AGR. SEBI AGR outstanding amount is 1.92 billion dollars i.e. about Rs. 15,890 crore has been approved by the government's proposal to convert it into equity.

Converting Vodafone Idea's dues into equity will increase the government's stake in the company to over 30 percent. With this, the Government of India will become one of the largest shareholders of Voda-Idea. Britain's Vodafone Group and India's Aditya Birla Group are currently major shareholders of Vodafone Idea. Sources also say that the Indian government will consider selling its stake in Vodafone Idea only after the financial condition of Vodafone Idea improves.

SEBI has also accepted an application to classify the Indian government's stake in Vodafone Idea as public shareholding. Under the existing guidelines, a maximum of 10 per cent stake in a company can be classified as public shareholding.

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