Vodafone Idea shares slip over 15% as government to take majority 35.8% stake in telecom company

Shares of Vodafone idea declined over 15 per cent to Rs 12.05 per share on the BSE in Monday's intraday trade after Vodafone Idea approved conversion of spectrum interest, government dues into equity.

Telecom shares tanked after Vodafone Idea said on Tuesday that its board had approved conversion of the full amount of interest related to spectrum auction instalments and dues owed to the government for use of the airwaves into equity.

Following the conversion, the Indian government will hold about 35.8% of the total outstanding shares of the company, Reuters quoted Vodafone Idea making this statement. As per the company's statement, Promoter shareholders Vodafone Group would hold around 28.5% and Aditya Birla Group around 17.8%.

At 10.45 am, shares of this telecom operator were trading with loss 13.80% or Rs 2.05 to Rs 12.80 per share on the BSE.

Vodafone Idea shares touched 52-Week high value of Rs 16.79 on December 10, 2021 and traded on year-low value of Rs 4.55 on August 5, 2021.

Shares of this telecom operator have surged over 40 per cent in the last 6 months.