Vodafone asks ATC to extend convertible bond issuance timeline

7 Dec 2022 , 09:17 AM

Vodafone Idea (Vi) has stated that the planned preferential bond issue to Boston-based American Tower Corporation (ATC) cannot be completed because a key condition — the government converting the Rs16,130 crore accrued interest on Vi’s deferred AGR-related dues into equity — has not been met on time.

Vi stated in an exchange filing on Tuesday that it has not received any communication from the government on the stated conversion, and the issue of OCDs to ATC has not been completed within the allowed period of shareholders’ resolution.

Vi, on the other hand, stated that it is in talks with ATC about extending the agreement and that new shareholder approval will be sought as needed.

Vi’s regulatory filing comes a day after reports that ATC, in a recent filing to the US Securities and Exchange Commission (SEC), stated that the recent preferential bonds issued by Vi to it are subject to conditions that may or may not be met.

At around 9.19 AM, Vodafone Idea was trading at Rs8.05 down by 0.25% from its previous closing of Rs8.07 on the BSE. The scrip opened at Rs8.07 and touched intraday high and low of Rs8.10 and Rs8.04 respectively.

For feedback and suggestions, write to us at [e-mail]