(PTI) Loss-making telecom operator Vodafone Idea board on Friday approved a proposal to raise up to ₹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 ₹10,00,000 each, in one or more tranches, aggregating up to ₹1,600 crores, convertible into equity shares at a conversion price of ₹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.