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 ₹12.10 and surged to a high of ₹13.30.
At 2.22 pm at the Bombay Stock Exchange the share of Vodafone Idea was trading at ₹12.90, which is 9.32 per cent higher from its previous day's close at ₹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 in India is set to become the largest shareholder in Vodafone Idea by controlling around 35.8 per cent equity stake.