Debt-ridden telecom operator Vodafone Idea Ltd (VIL) on Thursday, April 20, said it has appointed Kumar Mangalam Birla as a non-executive and non-independent director of the company with effect from April 20, 2023.
The appointment is based on the recommendations of the Nomination and Remuneration Committee and the board of directors of the company, it said in an exchange filing.
Birla is the Chairman of the Aditya Birla Group, which operates in 36 countries across six continents. He is a chartered accountant and holds an MBA degree from the London Business School.
In February this year, the government approved the conversion of over Rs 16,133 crore interest dues of Vodafone Idea into equity. Equity shares of the face value of Rs 10 each will be issued to the government at the same price. The relief for the company came as part of the reforms package announced by the government in September 2021.
“The total amount to be converted into equity shares is Rs 16133,18,48,990. The company has been directed to issue 1613,31,84,899 equity shares of the face value of Rs 10 each at an issue price of Rs 10 each," the company said.
Earlier, VIL had said with the conversion of dues into equity, the government will get around a 35 percent stake in the company.
