Vodafone Idea approves debentures worth Rs 1,600 crore to ATC Telecom Infra

Crisis-ridden telco Vodafone Idea on Tuesday said its board has approved an issue of optionally convertible debentures of up to Rs 1,600 crore to vendor American Tower Corporation.

After a meeting of the board of directors, the company in a regulatory filing said that it will convene an extraordinary general meeting on February 25 to seek shareholders’ nod for the same.

“The Board of Directors of Vodafone Idea Limited…has again approved Preferential Issuance of up to 16000 Indian Rupee denominated optionally convertible, unsecured, unrated and unlisted debentures…aggregating up to Rs 1,600 crores, convertible into equity shares at a conversion price of Rs 10 per equity share, to ATC,” the filing said.