Sebi clears Centre’s proposal to convert Vodafone Idea’s dues to equity

India’s capital market regulator approved the government’s proposal to convert dues of over $1.92 billion by telecom operator Vodafone Idea to equity, two senior government officials said on Thursday.

Last year, India had approved a rescue package for debt-strapped telecom companies that allowed them to convert interest on deferred adjusted gross revenue owed to the government into equity.

Among the country’s three major telecom players, including Bharti Airtel and Reliance Industries’ Jio, the government package was seen as a bailout for Vodafone Idea, which was on the verge of bankruptcy.