Vodafone Idea (NSE:IDEA, , BOM:532822) said the Ministry of Communications has decided to convert its outstanding spectrum auction dues into equity shares under the telecom sector reforms package, according to an Indian bourse filing on Sunday.
The company will issue nearly 37 billion equity shares to the government, raising its stake to about 48.99% from 22.6%, the filing said.
The issuance will be completed within 30 days, subject to regulatory approvals, it added.
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