The Indian government has ordered the telecom operator Vodafone Idea to convert all the interest the firm 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.
(More to follow.)
