ATC Telecom converts Rs 160 crore worth Voda Idea bonds into equity
Vodafone idea (Photo: X@VodaIdea_NEWS)
Mobile tower company ATC Telecom Infrastructure has converted optional convertible debentures worth Rs 160 crore issued by Vodafone Idea in lieu of payments into equity, a regulatory filing said on Thursday.
Debt-ridden telecom company Vodafone Idea (VIL) has issued optionally convertible debentures (OCDs) worth Rs 1,600 crore to ATC as the company was unable to pay rent of mobile towers.
ATC has already converted OCDs worth Rs 1,440 crore into equity shares in March.
“We wish to inform you that in accordance with the terms of the OCDs, the Company has received a conversion notice in respect of the outstanding 1,600 OCDs from existing OCD holders (ATC) for conversion into 16,00,00,000 fully paid up equity shares of face value of Rs 10 each at a conversion price of Rs 10 per equity share,” VIL said in the document.
Last month, VIL allotted shares worth Rs 2,458 crore to suppliers Nokia India and Ericsson India to settle partial debts.
The company’s total debt as on March 31, 2024, stood at approximately Rs 2,07,630 crore.
Shares of VIL closed at Rs 16.56 apiece, down 0.48 per cent from the previous closing price on the BSE.
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First print: Jul 11, 2024 | 11:49 PM IST