Vi’s board approves issuance of OCDs worth Rs 16 billion to ATC

Vodafone Idea Limited’s (Vi) board has approved the issue of planned preferential optionally convertible debentures to the American Tower Corporation after the telco missed the deadline for the same. The issue comprises up to 16,000 optionally convertible, unsecured, unrated and un­listed debentures having a face value of Rs 1,000,000 each, in one or more tranches, aggregating up to Rs 16 billion, convertible into equity sha­res at a conversion price of Rs 10 per equity share. Further, the telco infor­med that an extraordinary general meeting will be convened on February 25, 2023 for the purpose of seeking approval of shareholders on the matter. Vi failed to conclude the issuance twice due to delays at the government end to convert the telco’s Rs 161.3 billion accrued interest on deferred adjusted gross revenue (AGR)-related dues into equity.