scorecardresearchVodafone Idea gets board nod to raise ₹1,600 cr from ATC via equity convertible debt bonds

Vodafone Idea gets board nod to raise 1,600 cr from ATC via equity convertible debt bonds

Updated: 22 Oct 2022, 09:51 AM IST
TL;DR.
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.
An signage of Vodafone Idea Ltd., on an umbrella in Mumbai, India, on Wednesday, Aug. 3, 2022. The South Asian nation sold spectrum, including 5G airwaves, worth 1.5 trillion rupees ($19 billion) across multiple bands, India�s telecom minister�Ashwini Vaishnaw�told reporters in New Delhi on Monday, confirming the government�s forecast of a�record�collection. Photographer: Dhiraj Singh/Bloomberg

An signage of Vodafone Idea Ltd., on an umbrella in Mumbai, India, on Wednesday, Aug. 3, 2022. The South Asian nation sold spectrum, including 5G airwaves, worth 1.5 trillion rupees ($19 billion) across multiple bands, India�s telecom minister�Ashwini Vaishnaw�told reporters in New Delhi on Monday, confirming the government�s forecast of a�record�collection. Photographer: Dhiraj Singh/Bloomberg

(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. 

First Published: 22 Oct 2022, 09:51 AM IST