In a filing at the Bombay Stock Exchange (BSE), Vodafone Idea Limited (Vi) disclosed that its board has approved the issue of planned preferential optionally convertible debentures (OCDs) to American Tower Corporation (ATC), after the telco missed the deadline for the same. The issue comprises of upto 16,000 optionally convertible, unsecured, unrated and unlisted debentures having a face value of Rs 1,000,000 each, in one or more tranches, aggregating upto Rs 16 billion, convertible into equity shares at a conversion price of Rs 10 per equity share.

Further, the telco informed that an extra ordinary general meeting will be convened on February 25, 2023, for the purpose of seeking approval of shareholders on the matter. Vi failed to conclude the issuance twice due to delay at the government end to convert the telco’s Rs 161.30 billion accrued interest on deferred adjusted gross revenue (AGR) related dues into equity.