The Vodafone Idea stock took a nosedive in today's trading session after the company's board approved to offer about a 36% equity stake to the Indian government as payment for interest on AGR & spectrum dues. The move will make the government the largest shareholder in the company, with the promoter holding dropping to 46.3% from 72.1%. Besides Vodafone Idea, Tata Teleservices, too, will convert interest related to AGR dues into equity, giving the government about a 9.5% stake in the telco.
While the rescue plan may spell relief for the beleaguered telecom sector, a number of concerns remain. What exactly will the government's role in Vodafone Idea be? Will operational issues now be resolved? Will the bailout allow fresh investments to pour in? We discuss on the India Development Debate with Sanjay Kapoor an Entrepreneur and TMT Advisor and Senior Group VP. MOFSL Hemang Jani.
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