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The government has agreed to convert Vodafone Idea’s accrued interest worth over ₹16,000 crore on deferred adjusted gross revenue (AGR) dues into equity at ₹10 a share.

“This week was very tough for the Indian markets with so many events but the markets appear to have started absorbing a lot of bad news, especially surrounding the Adani Group,” said B Gopkumar, MD and CEO of Axis Securities.

The Adani Group is likely to shelve its plans to raise close to $500 million via international bonds and will explore other refinancing options, including partially paying the outstanding from internal accruals, to refinance the first tranche of the $4.5 billion debt taken from a clutch of global banks to acquire ACC and Ambuja Cements last year, said two people directly aware of the matter.

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