Vodafone Idea’s equity conversion by govt stuck due to stock price, says Indus Towers

Indus Towers has said that the conversion of Vodafone Idea‘s dues into equity by the government is stuck as the stock price of the cash-strapped telecom operator has been trading below the par value of Rs 10.

As part of the government’s revival package for the telecom sector in September last year, Vodafone Idea had availed the option of deferring its spectrum payment and adjusted gross revenue dues for a period of four years. It also opted for the provision wherein the interest component of this deferral worth Rs 16,130 crore gets converted by the government into equity.