28 Aug 2023 , 01:49 PM
Out of the 16,000 optionally convertible debentures (OCDs) given to American Tower Corp’s India arm (ATC Telecom Infrastructure Pvt Ltd), Vodafone Idea (Vi) has extended the redemption period for 8,000 of them to 18 months from the allotment date, as opposed to the original six months.
‘The company and ATC have agreed to extend the period of redemption of 8,000 OCDs from 6 months, from the date of allotment of the first tranche of OCDs (which was falling due on the 28th August 2023) to 18 months from the date of allotment, subject to certain conditions as mutually agreed,’ Vi said in an exchange filing on Monday morning.
The US Securities and Exchange Commission (SEC) was notified by Boston-based ATC last month that Vi’s OCDs would mature on August 27 in two tranches of Rs 800 crore each. This is not the case anymore
Vi has already given ATC TIPL OCDs for Rs 1,600 crore as payment for its debts in February 2023. Vi owes ATC an estimated Rs 2,000 crore.
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