Vodafone Idea Limited (Vi) has opted for converting its dues to government equity. Vi’s board has informed the Department of Telecommunications (DoT) regarding the same.
The Vi board held a meeting and approved the conversion of the full amount of interest related to spectrum auction instalments and adjusted gross revenue (AGR) dues into equity.
Vi had past AGR dues worth Rs 582.54 billion, of which it has paid Rs 78.54 billion. Meanwhile, the net present value (NPV) of this interest is expected to be about Rs 160 billion as per the company’s estimates, subject to confirmation by the DoT.
As of now, while the operator has accepted the four year moratorium, it now becomes the only telco to accept equity conversion as well.