“The balance 4,000 number of OCDs shall be allotted upon receipt of application form and subscription money and due intimation of the same shall be filed as necessary,” Vi said in a filing to the BSE.
The Capital Raising Committee of the Board of Directors of the telco met Monday to approve the issuance of the OCDS.
On Saturday, the shareholders approved the preferential issue of OCDs to ATC on Saturday, amounting to a fund raise of Rs 1,600 crore. This move will allow the telco to pay off most of its dues to the Boston-headquartered tower company.
After the issuance of 16,000 OCDs to ATC, the promoters will hold 48.76% – 31.27% by UK’s Vodafone Group PLc, and 17.49% by India’s Aditya Birla Group – in Vodafone Idea. The government will hold 32.09%.
ATC will hold 3.18% in the distressed telco assuming full conversion of the OCDs issued, the telco said in its disclosure to the exchanges.
Vi’s board had first approved the preferential issue of OCDs to ATC Telecom Infrastructure at an EGM on November 21.But the loss-making carrier was forced to defer the issuance twice as the government didn’t convert the telco’s Rs 16,130 crore accrued interest on deferred adjusted gross revenue (AGR)-related dues into equity in the required time frame.
The government on February 3 cleared the equity conversion, which gave it a 33.1% stake in the distressed telco, making it the single-largest shareholder. This holding though now stands diluted after the OCDs issued to ATC.
