08 April 2024

Vodafone Idea (Vi) has converted Optionally Convertible Debentures (OCDs) into equity shares, following a request from ATC Telecom Infrastructure Private Limited (ATC).

The conversion, valued at Rs 14.4 billion (Rs 1,440 crore), will result in the issuance of 144 crore fully paid-up equity shares with a face value of Rs 10 each. ATC will hold around 2.9% of the revised shareholding after the conversion.

“As per the terms of the OCDs, on 18 March 2024 ATC has requested Vi for conversion of 14,400 OCDs amounting to Rs 14.4 billion into 144,00,00,000 fully paid-up equity shares of face value of Rs 10 each. Vi will take necessary actions to allot the equity shares to ATC pursuant to the conversion of the said OCDs, as per the terms of the OCDs,” said Vodafone Idea in a statement.

Initially issued in February 2023 for a total of Rs 16 billion, the OCDs were extended by 12 months in August 2023, covering the first tranche worth Rs 8 billion. ATC subscribed to the OCDs, and the funds raised from the OCD issuance were primarily utilised to settle outstanding dues owed to ATC.