In a filing at the Bombay Stock Exchange (BSE), Vodafone Idea Limited (Vi) has disclosed that it has allotted 12,000 unsecured, unrated and unlisted optionally convertible debentures (OCDs) to American Tower Corporation (ATC). Meanwhile, the balance 4,000 number of OCDs shall be allotted upon receipt of application form and subscription money and due intimation of the same shall be filed as necessary. The Capital Raising Committee of the Board of Directors of the telco met to approve the issuance of the OCDs.

The shareholders approved the preferential issue of OCDs to ATC, amounting to a fund raise of Rs 16 billion. 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 by Vodafone Group Plc, and 17.49 per cent by 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, the telco said in its disclosure to the exchanges.