Centre now largest Vodafone Idea shareholder as firm gives it 33.4% stake

Vodafone Idea, on Tuesday, issued 16,130 million equity shares to the central government, giving it a 33.4 per cent stake in the company.

With this government also becomes the largest shareholder of the telecom company. The operational and management control of the company will remain with existing promoters.

The issue of shares comes within days of government order directing Vi to issue 33.4 per cent stake, and is in line with the telecom reforms package of September 2021. While the Vi board had approved conversion of interest worth Rs 16,133 crore on deferred liabilities into equity stake for government, the proposal was pending for several months.