Vodafone Idea shares jump 24% as govt agrees to convert debt into equity

Shares of Vodafone Idea jumped nearly 25% on Monday after the government cleared the conversion of interest it owes on statutory debt into equity. After the conversion of ₹16,133 crore of debt, the government will own 1,613 crore shares in Vodafone Idea, equating to a 33% stake. However, the government will not have any seat on the company's board.