The Indian Government will own almost 36 per cent of the Vodafone Idea Ltd after its board approved the conversion of dues by the company to the government into equity.

With this decision, all the existing shareholders of the company, including the founders will be diluted.

Following this, Vodafone Group Plc will own around 28.5% and Aditya Birla Group will have about 17.8% in the company.

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The Government is expected to be holding 35.8 per cent of the total outstanding shares in the Company.

Before Vodafone Idea was recovering the losses partially, their shares fell nearly 19% today to Rs 12.05 apiece on NSE.

The net present value of interest is expected to be about Rs 16,000 crore, following final confirmation by the Department of Telecommunications, the company said.

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The government will be issued the equity shares at a par value of Rs 10 per share.

This “rescue plan” has been claimed to be crucial for Vodafone Idea which has over the years been losing customers to bigger rivals.

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