Vodafone Idea converts ATC India’s residual OCDs into equity
The conversion follows ATC calling on Vi yesterday to convert the remaining 1,600 OCDs – out of the 16,000 originally issued to it by the telco — into 160 million fully-paid equity shares.
(Vi) has converted all the (OCDs) issued by it to the India unit of (ATC) into fully paid equity shares.The conversion follows ATC calling on Vi yesterday to convert the remaining 1,600 OCDs – out of the 16,000 originally issued to it by the telco — into 160 million fully-paid equity shares.
“In this regard, we wish to inform you that the capital raising committee of the company has today (i.e. July 12, 2024), allotted 16,00,00,000 equity shares of face value of Rs10/- each at an issue price of Rs 10/- per equity share to current OCD holders, pursuant to the conversion of 1600 OCDs,” Vi said in a BSE filing Friday.
Post the said conversion, the filing added, all the outstanding OCDs stand converted into equity shares.
According to company insiders, ATC India will likely hold around 0.2% in Vi, post-conversion.
“Consequent to the aforesaid allotment, the paid-up share capital of the company stands increased to Rs 680,388,837,720/-, comprising of 68,038,883,772 equity shares of the face and paid-up value of Rs 10/- each,” the filing added.
In February 2023, Vi had allotted OCDs worth Rs 1,600 crore to ATC Telecom Infrastructure against its dues. Vi was then estimated to owe ATC around Rs 2,000 crore.
In March 2024, ATC India initially called on Vi to convert 14,400 OCDs into 1.44 billion fully paid equity shares, or around a 2.9% stake. This stake was reportedly sold by ATC India at an average price of Rs 12.78 a share.
Vi shares had closed 2.9% lower at Rs 16.08 on the BSE on Friday.
Source: Stocks-Markets-Economic Times
