New Delhi: ATC Telecom Infrastructure, a mobile tower company, has transformed Rs 160 crore worth of convertible debentures from Vodafone Idea into equity, as stated in a regulatory filing on Thursday.
Financially struggling telecom company Vodafone Idea (VIL) issued Rs 1,600 crore worth of optionally convertible debentures (OCDs) to ATC after failing to make payments for mobile tower rentals. In March, ATC exchanged OCDs amounting to Rs 1,440 crore for equity.
VIL stated in the filing that they have received a Conversion Notice from current OCD holders (ATC) for conversion of 1,600 OCDs into 16,00,00,000 fully paid up equity shares of face value Rs 10 each at a conversion price of Rs 10 per equity share as per the terms of OCDs.
In the previous month, VIL distributed shares valued at Rs 2,458 crore to Nokia India and Ericsson India vendors in order to settle some outstanding debts. As of March 31, 2024, the company's overall debt was approximately Rs 2,07,630 crore. VIL's stock ended at Rs 16.56 each, marking a decrease of 0.48 pc from the previous BSE closing price.
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