• Wed. Nov 6th, 2024

    Voda Idea gets board approval to raise Rs 1,600 crore from ATC Telecom

    Loss-making telecom operator Vodafone Idea board on Friday approved a proposal to raise up to Rs 1,600 crore from mobile tower company ATC Telecom Infrastructure, the company said

    Vodafone Idea moves SC over ‘errors’ in DOT’s AGR calculation. (Photo Credit: Twitter/@BQthefineprint)

    Loss-making telecom operator Vodafone Idea board on Friday approved a proposal to raise up to Rs 1,600 crore from mobile tower company ATC Telecom Infrastructure, the company said in a regulatory filing.

    “The Board of Directors of Vodafone Idea Limited at its meeting held today – October 21, 2022 – has, inter-alia, approved issuance of up to 16,000 Indian Rupee denominated optionally convertible, unsecured, unrated and unlisted debentures having a face value of Rs 10,00,000 each, in one or more tranches, aggregating up to Rs 1,600 crores, convertible into equity shares at a conversion price of Rs 10 per equity share, to ATC Telecom Infrastructure Private Limited,” VIL said.

    The optionally convertible, unlisted, unsecured and unrated debentures (OCDs) will carry a coupon rate of 11.2 per cent per annum, payable semi-annually during its term.

    “Maximum OCD term of eighteen (18) months from the date of issue and allotment of the first tranche of OCDs,” the filing said.

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