Sebi exempts government from making open offer to shareholders of Vodafone Idea Ltd

Markets regulator Sebi on Thursday exempted the government from making an open offer to the shareholders of Vodafone Idea Ltd (VIL) following its proposed acquisition of just over 34 per cent stake in the telecom operator on the conversion of spectrum dues into equity.

In its order, Sebi wholetime member Ashwani Bhatia said, “The acquisition of shareholding by GoI in VIL is proposed with the sole intent of protecting the larger public interest.”