India orders Vodafone Idea to convert government dues into $2 billion equity

The Indian government has ordered the telecom operator Vodafone Idea to convert all the interest it owes to the government into equity in the firm.
Vodafone said it has been ordered to convert capital worth $1.96 billion into equity. The company “will take all necessary actions forthwith to undertake the aforesaid issuance,” Vodafone Idea disclosed (PDF) in a regulatory filing.
The move is the latest in the rescue attempts to save Vodafone Idea, a joint venture between the British telecom giant Vodafone Group and local billionaire Kumar Mangalam Birla’s conglomerate, which owed the India

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