Vodafone Idea share price up 10% after govt converts ₹36,950 crore dues into equity; Citi projects 77% upside

Vodafone Idea share price rallied as much as 10 per cent on Tuesday to hit the upper price band of ₹7.80 apiece on the NSE as the government is set to become the telecom company’s largest shareholder by converting its spectrum dues into equity.

The government has decided to convert ₹36,950 crore worth of the company’s dues into equity, which will raise its stake in Vodafone Idea to 48.99 per cent from 22.6 per cent earlier.