Vodafone Idea Allots ₹1,200 Crore Worth OCDs to ATC Telecom Infrastructure
Vodafone Idea, the telecom operator, announced on Monday that it has allotted 12,000 Optionally Convertible Debentures (OCDs) worth ₹10,00,000 each to ATC Telecom Infrastructure Private Limited. The total worth of OCDs allotted is ₹1,200 crore. The Capital Raising Committee of the Board of Directors of Vodafone Idea Limited allotted the unsecured, unrated, and unlisted OCDs to ATC Telecom. The remaining 4,000 OCDs will be allotted upon receipt of application form and subscription money.
This move comes after Vodafone Idea’s shareholders approved the preferential issuance of up to ₹1,600 crore of optionally convertible debentures to ATC Telecom Infra. The special resolution to this effect was cleared at an Extra-ordinary General Meeting (EGM) of Vodafone Idea on Saturday. The company reported a consolidated loss of ₹7,990 crore for the third quarter ended December 31, 2022, while its consolidated revenue from operations increased by 9.29% to Rs10,620.6 crore from ₹9,717.3 crore in the December 2021 quarter.
According to Vodafone Idea’s regulatory filing, “Shareholders of the Company by way of special resolution passed at the Extra Ordinary General Meeting held on 25th February, 2023, it is hereby informed that the Capital Raising Committee of the Board of Directors of Vodafone Idea Limited has, at its meetings held today i.e. 27th February, 2023, allotted a total of 12,000 number of unsecured, unrated and unlisted Optionally Convertible Debentures of the face value of Rs. 10,00,000/- each (OCDs) to ATC Telecom Infrastructure Private Limited.”
This development is expected to aid Vodafone Idea in improving its financial position and enhancing its network infrastructure.
About Vodafone Idea:
Vodafone Idea is one of the leading telecom service providers in India. The Company is engaged in the business of Mobility and Long Distance services, trading of handsets and data cards.
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