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Vi had in a late evening statement on Monday said that there is no such rule barring the government from taking equity in the telco even if the company’s shares are trading below their par value.
“Since the company is not required to make any disclosures on this matter, the company is hereby correcting the aforesaid quarterly report by deleting the aforesaid paragraph titled ‘Govt stake in Vi’ which was incorporated erroneously,” Indus<\/a> Towers said in a filing to BSE<\/a>.
The tower company has also submitted an updated Q2 quarterly report to the exchange.
Earlier, Vi had said that Indus, in its quarterly report, had erroneously reported that there was such a guideline, citing Company Law. “We have come across certain media reports incorrectly alluding to below par share price as the reason for delay in VIL’s govt equity conversion,” the joint venture between UK’s Vodafone Group Plc<\/a> and the Aditya Birla Group<\/a> had said. “We have taken up the matter with Indus Towers for corrective action.”
Vi shares were up 1.05% to Rs 8.67 on BSE<\/a> Tuesday.
In its original fiscal second-quarter earnings report, Indus said the Department of Telecommunications<\/a> could convert Vi’s accrued interest on deferred adjusted gross revenue-related dues into equity only after the loss-making telco’s stock price stabilised above the par value of Rs 10, as per Company Law provisions.
“In September 2022, the finance ministry cleared a proposal to convert Vi’s Rs 16,130 crore worth of accrued interest on deferred AGR-related dues into equity, and now DoT needs to finalise the transaction,” Indus had then said.
The equity conversion, which will give the government a 33% stake and make it the largest single shareholder in Vi, is vital for the cash-strapped telco to conclude its much-delayed Rs 20,000 crore fundraising via a mix of debt and equity, especially as potential investors want clarity on this issue.
The company also needs cash urgently to clear steep vendor dues, including around Rs 7,000 crore to Indus Towers.
The dues are also holding up Vi’s bid to tie up 5G gear supply deals.
The equity conversion proposal has been pending since the start of the year.
When Vodafone Idea<\/a> had initially opted to convert the accrued interest into equity on January 11, its shares had closed at Rs 11.80 on the BSE. It has remained below Rs 10 for most of the current financial year. On Monday, the shares closed 0.5% higher at Rs 8.58 on the BSE.
The government has asked the company to present a concrete fundraising plan before it finalises the conversion, ET reported on October 8.
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Vi在周一晚上的一份声明说,没有这样的规则禁止政府在电信股票即使公司的股价低于面值。
”,因为该公司不需要对此事作任何披露,公司特此纠正上述季度报告通过删除上述段落题为“政府的股份Vi”包含错误,”印度河塔在一份声明中称疯牛病。
塔公司也提交一个更新的第二季度报告交流。
早些时候,Vi说,印度在其季度报告中,有错误的报道,有这样一个指导原则,以公司法。“我们遇到某些媒体报道错误地暗示股价低于票面价值的理由推迟维尔的政府股权转换,”英国之间的合资企业沃达丰集团和Aditya Birla集团所说的。“我们已经占据了印度河塔纠正措施。”
Vi股价上涨1.05%,至8.67卢比疯牛病星期二。
在原来的第二季度收益报告中,印度的说电信部可以把六世的应计利息延迟调整后的总revenue-related会费为股权后亏损的电信的股价稳定Rs的面值10以上,按照公司法的规定。
“2022年9月,财政部清除一个提议将六世的价值16130卢比的应计利息递延AGR-related会费为股权,现在点需要敲定这笔交易,”印度说。
股权转换,这将给政府持有33%的股份,使其六世最大的单一股东,关键是总结其延期交付的20000卢比的现金拮据的电信通过混合债券和股票融资,尤其是潜在的投资者在这个问题上要清晰。
该公司也迫切需要现金清理陡峭的供应商费,包括印度塔大约7000卢比。
费也拿着六世为了占用5 g齿轮供应协议。
股权转换提议自今年年初以来一直悬而未决。
当沃达丰的想法最初选择的应计利息转化为股本1月11日,该股收于11.80 Rs疯牛病。它仍低于10卢比的当前财政年度。周一,股价上涨0.5%,至8.58卢比疯牛病。
政府已经要求该公司提出一个具体的筹款计划将转换之前,等公布10月8日。
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