Has announced to give the shares of the debt-ridden company to the government
Mumbai, August 5 (IANS)| Vodafone Idea shares fell further on Thursday after Kumar Mangalam Birla stepped down as non-executive chairman. Its shares have registered a fall in the past three days after Birla offered to hand over his stake in the debt-ridden company to government entities to keep the company going.
At around 11.50 am, its shares were trading at Rs 5.33 on BSE, which is 11.61 per cent lower than its previous close. It touched a new 52-week low of Rs 4.55 per share. In a regulatory filing on Wednesday, the company said, the board of directors of Vodafone Idea Ltd. in its meeting held today has approved the appointment of non-executive director and non-executive director of Kumar Mangalam Birla.The request to step down as Executive Chairman has been accepted. This effect is due to the end of the Board’s working hours on August 4, 2021.
As a result, the board has unanimously elected Himanshu Kapania, who is currently a non-executive director, as the non-executive chairman. Kapania, the Aditya Birla Group nominee, is a telecom industry veteran with over 25 years of experience. This includes significant board experience in telecommunications companies globally. Birla’s resignation came days after it became public that he had written to the cabinet secretary that he was ready to hand over his stake in the debt-ridden company to government entities to keep the company going. Vodafone Idea which is already in a weak financial position has Rs 50,399.63 crore in AGR dues. It has already paid Rs 7,854.37 crore.
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