The Net Present Value (NPV) of this interest is expected to be about Rs.16,000 crore as per the Company's best estimates, subject to confirmation by the DoT. Since the average price of the Company's shares at the relevant date of 14 August 2021 was below par value, the equity shares will be issued to the Government at par value of Rs. 10/- per share, subject to final confirmation by the DoT. The conversion will therefore result in dilution to all the existing shareholders of the Company, including the Promoters.

Following conversion, it is expected that the Government will hold around 35.8% of the total outstanding shares of the Company, and that the Promoter shareholders would hold around 28.5% (Vodafone Group) and around 17.8% (Aditya Birla Group), respectively.