32% govt stake in Vodafone Idea before 5G auctions; debt conversion in 2-3 weeks

Ahead of the 5G auctions, which commences from July 26, the government will convert its debt into equity in Vodafone Idea, official sources said. The move will help the financially-stressed telecom operator to reach its Rs 25,000-crore fund-raising target.

“The decision of the government to convert the interest of Rs 16,133 crore into equity will be notified to the company and the company’s board will accomplish this in 2-3 weeks time,” a senior government source told FE.