Vodafone Concept managing director and chief government Ravinder Takkar will step down from his put up on the finish of his three-year time period on 18 August, the corporate mentioned in a regulatory submitting on Friday.
Takkar shall be changed by Vodafone Concept’s incumbent chief monetary officer, Akshaya Moondra, who will take cost from 19 August for 3 years, the corporate mentioned after a board assembly. Takkar, nevertheless, shall proceed to be a non-executive and non-independent director on Vodafone Concept’s board put up the completion of his present time period.
Vodafone Concept mentioned it is going to announce the appointment of a brand new chief monetary officer sooner or later. The highest administration reshuffle on the nation’s third largest telco comes at a time when the sector is gearing up for 5G auctions subsequent week.
Sector watchers count on Reliance Jio, Bharti Airtel, and Vodafone Concept to bid for over one-third of the spectrum placed on sale.
Analysts count on Vodafone to purchase not less than 50MHz spectrum in 3.3GHz in metro and A-circles and purchase 400MHz of spectrum within the 26GHz band by spending within the vary of $1.7-2.3 billion.
Ambani’s Reliance Jio Infocomm Ltd has put in ₹14,000 crore as earnest cash. Bharti Airtel deposited a extra modest ₹5,500 crore, and Vodafone Concept Ltd, the weakest of the three telcos, deposited ₹2,200 crore.
The administration change additionally comes forward of the proposed conversion of the federal government’s curiosity dues in Vodafone Concept to shares.
Mint reported on 16 July that the finance ministry had knowledgeable the telecom division that it may proceed with the transaction.
The Aditya Birla Group promoted telco is awaiting conversion of curiosity on dues associated to adjusted gross revenues (AGR) for monetary years as much as FY17 amounting to ₹16,000 crore into fairness, after which the federal government will personal about 33% within the provider, changing into its largest shareholder. The promoter fairness will cut back to 50% from nearly 75%.
The federal government gave Vodafone Concept the choice of a moratorium on fee of dues of ₹16,000 crore as a part of the reduction package deal introduced in September. The fairness holding construction might change following further fairness of ₹436 crore being put in by Euro Pacific Securities, a Vodafone Group Plc entity. The provider sought shareholder approval for a similar in a particular assembly on 15 July.
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Supply: Live Mint