Share price of Vodafone Idea surged by over 10 per cent on Wednesday a day after the company announced that it has opted to convert interest on adjusted gross revenue (AGR) and spectrum dues into government equity. Vodafone Idea share started trading on a positive note at Rs 12.10 and surged to a high of Rs 13.30.
At 3.11 PM, at the Bombay Stock Exchange, the shares of Vodafone Idea was trading at Rs 12.75, up Rs 0.95 or 8.05 percent.
At 2.22 PM, the share was trading at Rs 12.90, which is 9.32 per cent higher from its previous day's close at Rs 11.80. The share price of Vodafone Idea had slumped by around 20 per cent on Tuesday.
Following the company's Board decision to opt for conversion of the government dues into equity, the Government is India is set to become the largest shareholder in Vodafone Idea by controlling around 35.8 per cent equity stake.
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