The total adjusted gross revenue (AGR) liability on VIL is Rs 58,254 crore. Out of this, the company has paid Rs 7,854.37 crore and is still outstanding at Rs 50,399.63 crore.
Vodafone Idea (indicator picture)
Vodafone Idea shares continued to fall on Wednesday. The reason for this is the offer of Aditya Birla Group chairman Kumar Mangalam Birla to hand over the company’s stake to government entities. Vodafone Idea shares were trading at Rs 6.12 on BSE at around 12.05 pm, which is 17.30 per cent lower than the previous close.
Earlier in the day, he touched a 52-week low of Rs 6.03 per share. Vodafone Idea which is already in weak financial position. It has Rs 50,399.63 crore outstanding as AGR dues. It has already paid Rs 7,854.37 crore. In his letter to the cabinet secretary, Birla warned of an impending crisis and decided to sell his 27.66 per cent stake in the telco to any public sector/government/domestic financial institution, or any other government deemed fit, (VIL) to continue. offered to transfer.
The market capitalization of the company has come down to Rs 17,614.79 crore.
Supreme Court rejects appeal for improvement in AGR calculation
Aditya Birla Group chairman Kumar Mangalam Birla has offered to hand over his stake in debt-ridden Vodafone Idea Limited (VIL) to the government or any government entity. Billionaire industrialist Birla made this offer in a letter to Cabinet Secretary Rajiv Gauba in June. As per official data, VIL has a total adjusted gross revenue (AGR) liability of Rs 58,254 crore. Out of this, the company has paid Rs 7,854.37 crore and is still outstanding at Rs 50,399.63 crore.
VIL and Bharti Airtel had appealed to the Supreme Court to improve the government’s calculation of AGR but their appeal was rejected.
VIL’s financial condition may reach the verge of sinking
Birla holds 27 per cent stake in VIL. He said in the letter that investors are not willing to invest in the company due to non-availability of AGR liability, moratorium of sufficient time for payment of spectrum and the provision of keeping the rates of these most essential services above the minimum price. Birla has written this letter on June 7. He said that in the absence of immediate active cooperation from the government on these three issues by July, the financial condition of VIL would reach the verge of sinking, which would be difficult to handle.
Birla said, “We have a duty towards the 27 crore Indians associated with VIL. In view of this, I am ready to hand over my stake in the company to the government or any such entity at the behest of the government which is capable of continuing the operations of the company.
(Input- IANS/ Language)
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