ATC Telecom To Convert OCDs Issued By Vodafone Idea Into Shares Worth Rs 1,440 Crore
Vodafone Idea issued Rs 1,600 crore (Rs 16 billion) OCDs to the company in February 2023.
ATC Telecom Infrastructure Pvt. will convert 14,400 Optionally Convertible Debentures into fully paid-up equity shares for Rs 1,440 crore.
Vodafone Idea Ltd. will take the required steps to allot the equity shares to ATC, according to the terms of the OCD, according to the exchange filing issued on Tuesday.
Vodafone Idea issued Rs 1,600 crore (Rs 16 billion) OCDs to the company in February 2023, after receiving approval from stakeholders and stock exchanges.
The funds received from the same will be used by Vodafone Idea to pay off its dues to ATC.
ATC Telecom is one of the largest infrastructure service providers for Vodafone Idea and both entities have a long-term relationship.
Shares of Vodafone Idea closed 2.35% lower at Rs 12.86 apiece, as compared with a 1.01% fall in the benchmark BSE Sensex.