Vodafone Idea Limited’s (Vi) board has approved a four-year deferment on payment of adjusted gross revenue (AGR) related dues amounting to Rs 88.37 billion. The filing at the Bombay Stock Exchange (BSE) said that the Department of Telecommunications (DoT) has offered the company a moratorium of four years for all AGR-related dues up to financial year 2018-19.
The operator had received a letter from the DoT which offered the moratorium on dues, stating the dues to be at Rs 88.37 billion, and providing the option of converting the interest on these dues of two additional financial years into equity, which it must decide on within 90 days from June 15, or by September 15. The amount is subject to revision on account of disposal of representations and the final amount has to be paid in six equal installments after the end of the moratorium in March 2026.
The government owns 33 per cent stake in Vi after an earlier decision to convert interest with net present value of interest worth Rs 160 billion into equity. The government might get a further 6-7 per cent stake if the company opts for conversion again.
