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

New Delhi: Shareholders of debt-ridden Vodafone Idea have approved issuing shares worth Rs 1,600 crore to ATC Telecom Infrastructure on a preferential basis, according to a regulatory filing. Vodafone Idea Ltd’s (VIL) board has given its nod to settle Rs 1,600 crore dues to equipment vendor ATC Telecom by converting the due amount into equity, if the amount remained unpaid in 18 months.

As per the scrutiniser’s report with respect to the voting on proposals during the Extraordinary General Meeting (EGM) held on November 21, as many as 99.99 per cent shareholders voted in favour of the “special resolution for issue of securities on a preferential basis”.