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Vodafone Idea shares surge 4% after reports claim government slashed AGR dues
Mumbai/IBNS: Shares of Vodafone Idea surged 4% on Friday following reports that the government significantly reduced the company’s Adjusted Gross Revenue (AGR) dues, media reports said.
The Union Cabinet approved a relief package for Vodafone Idea on Wednesday, freezing its AGR dues at Rs 87,695 crore and setting a revised repayment schedule over 10 years from FY32 to FY41, according to Livemint.
Vodafone Idea shares rose to Rs 12.05 per share on Friday, extending gains from January 1, when the stock had jumped 10% after the company reached a settlement with Vodafone Group over long-pending contingent liabilities stemming from the 2017 merger of Vodafone India and Idea Cellular.
Under the revised arrangement, Vodafone Idea will receive Rs 5,836 crore, with Rs 2,307 crore payable in cash over the next year.
The remaining Rs 3,529 crore will be raised through the sale of equity shares held by certain Vodafone Group shareholders, the company said in an exchange filing.
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