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Voda Idea gets board approval to raise Rs 1,600 crore from ATC Telecom

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Loss-making telecom operator board on Friday approved a proposal to raise up to Rs 1,600 crore from mobile tower company ATC Telecom Infrastructure, the company said in a regulatory filing.


“The Board of Directors of Limited at its meeting held today – October 21, 2022 – has, inter-alia, approved issuance of up to 16,000 Indian Rupee denominated optionally convertible, unsecured, unrated and unlisted debentures having a face value of Rs 10,00,000 each, in one or more tranches, aggregating up to Rs 1,600 crores, convertible into equity shares at a conversion price of Rs 10 per equity share, to ATC Telecom Infrastructure Private Limited,” VIL said.


The optionally convertible, unlisted, unsecured and unrated debentures (OCDs) will carry a coupon rate of 11.2 per cent per annum, payable semi-annually during its term.


“Maximum OCD term of eighteen (18) months from the date of issue and allotment of the first tranche of OCDs,” the filing said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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