Government exempted from open offer in Voda Idea

NEW DELHI: Sebi on Thursday exempted govt from making an open offer to the shareholders of Vodafone Idea (VIL), following its proposed acquisition of just over 34% stake in VIL on the conversion of spectrum dues into equity.Sebi whole time member Ashwani Bhatia said, "Acquisition of shareholding by govt in VIL is proposed with the sole intent of protecting the larger public interest." The conversion - which would raise govt's holding in the company to nearly 49% from 22.6%, would enable VIL to continue servicing its customer base and increasing telecom penetration in India.Sebi said at present GoI has no intent to participate in management or the board of VIL and there will be no change in control.