ATC Telecom Infrastructure has converted Rs 160 crore worth of Vodafone Idea debentures into equity, adding to its earlier conversion of Rs 1,440 crore in March. The move comes as VIL struggles with debt totaling Rs 2,07,630 crore.
New Delhi, Jul 11 (PTI) Mobile tower company ATC Telecom Infrastructure has converted Rs 160 crore worth of optionally convertible debentures, issued by Vodafone Idea in lieu of payments, into equity, a regulatory filing said on Thursday.
Debt-ridden telecom operator Vodafone Idea (VIL) had issued optionally convertible debentures (OCDs) worth Rs 1,600 crore to ATC, as it failed to pay for rentals of mobile towers.
ATC has already converted OCDs worth Rs 1,440 crore into equity in March.
"We wish to inform you that pursuant to the terms of OCDs, the Company has received Conversion Notice in respect of outstanding 1,600 OCDs from current OCD holders (ATC) for conversion into 16,00,00,000 fully paid up equity shares of face value of Rs 10 each at conversion price of Rs 10 per equity share," VIL said in the filing.
Last month, VIL allocated shares worth Rs 2,458 crore to vendors Nokia India and Ericsson India to clear partial dues.
The total debt of the company stood around Rs 2,07,630 crore as of March 31, 2024.
The shares of VIL closed at Rs 16.56 apiece, down 0.48 per cent compared to the previous close on the BSE.
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