SEBI approves government’s proposal to convert Vi dues into equity

The Securities and Exchange Board of India (SEBI) has reportedly app­roved the government’s proposal to convert Vodafone Idea Limited’s (Vi) dues worth over $1.92 billion to equity. The government’s stake in Vi, post conversion, could be more than 30 per cent, which would make it one of the largest shareholders in the company along with promoter groups Vodafone Group Plc and the Aditya Birla Group. Besides, SEBI has approv­ed the government’s request to classify its shareholding in Vi as public float. However, as per SEBI’s guidelines, only stakes up to 10 per cent can be classified as public shareholding.