Post conversion of the liabilities, the government is projected to have a 35.8 per cent stake in VIL and around 9.5 per cent shareholding each in TTML and TTSL.
The three debt-ridden companies have proposed to convert their interest liability payable to the government into equity.
Vodafone Idea (VIL) on Tuesday announced its decision to opt for converting about Rs 16,000 crore interest dues liability payable to the government into equity.
The stock tanked 18.85 per cent to Rs 12.05 on both the BSE and NSE.
Vodafone Idea shares have increased on Thursday after the report came that it has managed to raise funds for repayment of interest to bondholders amounting to around Rs 6,000 crore starting December 13 till March 2022.
Vodafone-Idea informed that the telecom operator from time to time discusses funding and other requirements with its bankers during its ordinary course of business.
The companies added the other option provided the Department of Telecom will be considered within the stipulated timeframe. The other option provided by the Department of Telecommunications asked the telcos to pay the interest amount arising out of the deferment by way of equity.
Both Airtel and Vodafone Idea had shown reluctance towards the idea of participating in 5G spectrum auctions, which the government has been pushing for close to two years.
TRAI added that in terms of market share, Jio led the race holding 37.4 per cent of the market share. Airtel stood second with 29.85 per cent, Vodafone-Idea held 22.89 per cent whereas state-operated BSNL commanded a 9.63 per cent market share.
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
A health worker collects swab sample of a woman for COVID-19 test, amid concerns over rising Omicron cases, in Gurugram.PTI Photo
Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
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