Vodafone Idea board to meet to approve OCDs to ATC Telecom
1 min read 26 Jan 2023, 06:03 PM ISTThe company is scheduled to meet on 31 January 2023 to seek approval of the shareholders for preferential issue of optionally convertible debentures to ATC Telecom Infrastructure Pvt Ltd.
PremiumTelecom giant Vodafone Idea on Thursday said that company's board will is scheduled to meet on 31 January 2023 to seek approval of the shareholders for preferential issue of optionally convertible debentures to ATC Telecom Infrastructure Pvt Ltd.
"meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, 31st January, 2023, in relation to the said preferential issue of OCDs to ATC and to convene the Extraordinary General Meeting of the Company to seek approval of the shareholders in this regard," said Vodafone Idea in its regulatory filing.
The company in October last year had received board of directors approval for issuing Indian rupee-denominated debentures to ATC Telecom Infrastructure but that had as the OCDs could not be issued within the 15 days. The company has to seek a fresh approval of the shareholders to do the same.
"This is further to our letters dated 21st October, 2022 and 6th December, 2022 whereby we had inter alia intimated the exchanges that the shareholder resolution dated 21st November,2022 approving the preferential issue of optionally convertible debentures OCDsto ATC Telecom Infrastructure Private Limited ATC ) had lapsed as the OCDs could not be issued within the prescribed period of 15 days and that a fresh approval of the shareholders would be sought as required," the filing stated.
Vodafone Idea will issue up to 16,000 Indian Rupees denominated optionally convertible, unsecured, unrated, and unlisted debentures having a face value of ₹10 lakh each, in one or more tranches, aggregating up to ₹1,600 crore, it said in a regulatory filing of October.
These debentures will carry a coupon rate of 11.2% per annum and they will be payable semi-annually during its tenure which is a maximum of 18 months from the date of issuance and allotment of the first tranche. The type of issuance will be on a preferential basis.
On Wednesday, the company's scrip ended 4.38 per cent down at ₹6.77 on BSE.
