ATC to convert Rs 1,440 crore Vodafone Idea debt bonds into equity

New Delhi: Mobile tower company ATC has opted for converting Rs 1,440 crore worth of debt bonds issued by Vodafone Idea into equity, a regulatory filing said on Tuesday.

Loss-making Vodafone Idea (VIL) had issued Rs 1,600 crore worth of optionally convertible debentures (OCDs) to ATC Telecom Infrastructure that were convertible into equity shares at a conversion price of Rs 10 per equity on October 21, 2022, against payments owed to the mobile tower company.

"We wish to inform you that in accordance with the terms of the OCDs, ATC has vide its notice dated 18 March 2024 requested for conversion of 14,400 (Fourteen Thousand and Four Hundred only) OCDs into 144,00,00,000 (One Hundred and Forty Four Crore) fully paid-up Equity Shares. The Company will be taking necessary action to allot the above-mentioned Equity Shares to ATC pursuant to the conversion of the said OCDs," VIL said in the filing.