Govt to acquire Vodafone Idea stake after share price stabilises

September 08, 2022 15:41

The government will acquire a stake in debt-ridden Vodafone Idea after the stock price of the company stabilises at Rs 10 or above, according to an official source. Vodafone Idea (VIL) board has offered a stake to the government at a par value of Rs 10 per share.

"There is a SEBI norm that the acquisition should take place at par value. DoT will clear the acquisition after VIL shares stabilise at Rs 10 or above," an official source told PTI. VIL shares are trading below Rs 10 since April 19. The stock declined by 1.02 per cent to trade at Rs 9.68 on BSE on Thursday.

The finance ministry had cleared the proposal to acquire stake in VIL in July. Debt-ridden Vodafone Idea (VIL) has decided to opt for converting about Rs 16,000 crore of interest liability payable to the government into equity which will amount to around 33 per cent stake in the company while promoters' holding will come down from 74.99 per cent to 50 per cent.

« Back to LIVE

TOP STORIES

AAP workers marching towards BJP HQ detained, Sec 144 imposed

The traffic police also issued an advisory in view of the protest planned outside the BJP office at the Deen Dayal Upadhyay Marg, while entry and exit have been disallowed at the nearest ITO metro station.

Factors that will guide the markets this week

The last batch of quarterly earnings, global trends and trading activity of foreign investors will guide the equity market movement in a holiday-shortened week ahead, analysts said. Volatility may continue amid investors' cautious...

'God's plan, baby': Yash Dayal redeems himself

Yash Dayal had the haunting memory of Rinku Singh's five consecutive sixes last year when Mahendra Singh Dhoni lofted his full-toss over the Chinnaswamy stadium roof in Saturday's crucial IPL match in Bengaluru.

Golden Girl Sobhita

After choosing the royal colour, Sobhita Dhulipala turned it up a notch higher and went for gold for her second appearance at the Cannes Film Festival.

Satwiksairaj-Chirag win Thailand Open badminton

Satwiksairaj Rankireddy and Chirag Shetty hardly broke a sweat while defeating the Chinese pair of Chen Bo Yang and Liu Yi to win the Thailand Open men's doubles crown in Bangkok on Sunday.