In a filing at the Bombay Stock Exchange, Vodafone Idea Limited (Vi) disclosed that its shareholders approved the Rs 16 billion preferential issuance of optionally convertible debentures (OCDs) to American Tower Corporation (ATC), a move which will allow the operator to pay off most of ATC’s dues. The telco further added that its shareholders had approved the issuance of OCDs to ATC with a 99.99 per cent majority voting in favour of the proposal.

After the issuance of OCDs to ATC, the promoters now hold 48.76 per cent in Vi, 31.27 per cent by Vodafone Group Plc, and 17.49 per cent by Aditya Birla Group while the government holds 32.09 per cent. In addition, Vi also informed that ATC will hold 3.18 per cent in the telco, assuming full conversion of the OCDs issued.