Vodafone Thought and American Tower Company (ATC) have mutually agreed to increase final date for subscribing optionally convertible debentures (OCDs) price ₹1,600 crore to twenty-eight February, 2023.
“We want to additional inform that each the Firm and ATC have mutually prolonged the final date for subscription of the OCDs to twenty eighth February, 2023 or such later date as could also be mutually agreed, topic to success of sure circumstances precedent, together with inter alia the approval of the shareholders of the Firm and conversion by the Authorities of India of curiosity from deferment of Adjusted Gross Income and Spectrum Dues owed by the Firm into fairness shares of the Firm,” mentioned Vodafone Thought in its regulatory submitting.
Vodafone Thought’s (VIL) proposal to concern cell tower vendor ATC Telecom Infrastructure debentures price ₹1,600 crore has lapsed, the telecom operator had mentioned a number of days again.
Final month, the shareholders of Vodafone Thought authorized the preferential issuance of optionally convertible debentures (OCD) price ₹1,600 crore to ATC Telecom Infrastructure to settle the infrastructure vendor’s money owed by changing the excellent stability into fairness, offered that the stability was not paid inside 18 months.
The telco’s plan included promoting 16,000 optionally convertible, unsecured, unrated and unlisted debentures of ₹10 lakh every in a number of tranches. The bonds had been to hold a coupon price of 11.2% every year, payable semi-annually throughout its time period of 18 months, and will probably be convertible into shares at a value of ₹10 per share.
At current, Vodafone Thought owes greater than ₹3,000 crore to ATC and an extra estimated ₹7,000 crore to Indus Towers, the world’s largest tower supplier.
The corporate’s scrip ended 0.75 per cent down at ₹7.97 on BSE.
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