Vi issues OCDs to American Tower Corporation

Vodafone Idea Limited (Vi) has allotted 12,000 unsecured, unrated and unlisted optionally convertible debentures (OCDs) to the American Tower Corporation (ATC). The remaining 4,000 OCDs will be allotted after receiving the application form and subscription money and due intimation will be filed as necessary. The capital raising committee of the tel­co’s board of di­rectors met to approve the issuance of the OCDs. The shareholders approved the preferential issue of OCDs to ATC, raising Rs 16 billion in fu­nds. This move will allow the telco to pay off most of its dues to the Boston-headquartered tower company. After the issuance of 16,000 OCDs to ATC, the promoters will hold 48.76 per cent – 31.27 per cent held by Vodafone Group Plc, and 17.49 per cent by the Aditya Birla Group – in Vi. The government will hold 32.09 per cent. ATC will hold 3.18 per cent in the distressed telco, assuming full conversion of the OCDs is­sued, as disclosed by the telco to the exchanges.