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Aditya Birla group Chairman Kumar Mangalam Birla, who holds around 27 per cent stake in the debt-ridden Vodafone Idea Ltd (VIL), has put the onus on the Union Government to keep the telecom company afloat. In a letter written to Cabinet Secretary Rajiv Gauba in June, Birla offered to hand over his stake to the government or any other entity that the latter may consider worthy of keeping the beleaguered firm operational. Vodafone Idea, which has a substantial mobile subscriber base of 27.7 crore users, has been sinking deeper into the mire in recent years. It had an adjusted gross revenue (AGR) liability of Rs 58,254 crore, out of which Rs 50,399.63 crore is outstanding. The firm is also saddled with deferred spectrum payment obligations of Rs 96,270 crore and debt owed to banks and financial institutions to the tune of Rs 23,080 crore.
At 12:20 pm, Vodafone Idea shares were trading weaker by 13.38 per cent on the BSE
Vodafone Idea shares nosedived more than 17 per cent in a strong market to touch fresh 52-week lows a day after the promoter and Aditya Birla group Chairman Kumar Mangalam Birla offered to hand over his stake in the debt-laden telecom company to the government or any other entity that the centre may consider worthy to keep the company operational. The shares of Vodafone Idea had plunged over 10 per cent in Tuesday s session on the back of the news development. At 12:20 pm, Vodafone Idea shares were trading at Rs 6, weaker by 13.38 per cent, on the BSE.
K M Birla Offers to Hand Over Vodafone Idea Stake to Government thewire.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thewire.in Daily Mail and Mail on Sunday newspapers.