Sebi exempts govt from Vi open offer citing public interest

This follows govt's acquisition of a significant stake in the indebted telecom operator

- Neha Joshi

The Securities and Exchange Board of India (Sebi) has exempted the government from making an open offer following its acquisition of a significant stake in Vodafone Idea Ltd (Vi).

This decision by the market regulator, taken in the "larger public interest", comes after the government approved the conversion of ₹36,950 crore in outstanding spectrum auction dues into equity in the company. The conversion will result in the government acquiring 36.95 billion new equity shares in Vi, increasing its holding from the existing 22.60% to 48.99%.