Debt-ridden telecom firm Vodafone Idea has various requirements, including infusion of capital, and discussions on this front are going on, telecom minister Ashwini Vaishnaw said on Thursday.
Vodafone Idea (VIL), reeling under debt burden of more than ₹2 lakh crore, has opted for converting about ₹16,000 crore of interest liability payable to the government into equity, which will amount to about a 33% stake in the company while promoters’ holding will come down to 50% from 74.99%.
“Vodafone [Idea] has many requirements. It has a particular requirement of capital. How much capital, who will infuse? All those things are under discussion at this point of time,” Mr. Vaishnaw said.
VIL has offered a stake to the government at a par value of ₹10 per share and the government is waiting for the company’s shares to stabilise at ₹10 apiece.
“The responsibility of capital has to come from various sources. The company just doesn’t require conversion. It requires capital. All those things are a complex issue,” Mr. Vaishnaw said.
