ATC requests Voda Idea to convert Rs 1,440 cr OCDs into 144 cr fully paid-up shares

The company said it would proceed to allocate the mentioned equity shares to ATC following the conversion of the OCDs

Vodafone Idea Limited on March 19 informed stock exchanges that ATC Telecom Infrastructure Private Limited (ATC), one of its largest infrastructure service providers, requested it to convert 14,400 OCDs valued at Rs 1,440 crore into 144,00,00,000 fully paid-up equity shares with a face value of Rs 10 each on March 18, 2024, according to the terms of the OCDs.

Vodafone Idea further stated that in February 2023, it issued Optionally Convertible Debentures (OCDs) worth Rs 16 billion to ATC following approval from shareholders and requisite intimation to stock exchanges. Also, Vodafone Idea said, further to this, in August 2023, the term of redemption of the first tranche of OCDs amounting to Rs 8 billion was extended by 12 months.

Vodafone Idea also said proceeds of OCDs amounting to Rs 1,600 crore were primarily utilised against payment of dues to ATC. The conversion price of Rs 10, at the time of OCD issuance, was at a premium to the then prevailing market price of VIL share, it added.

The company said it would proceed to allocate the mentioned equity shares to ATC following the conversion of the OCDs.