According to a regulatory filing, India's third largest telco Vodafone Idea has approved allotment of 12,000 Optionally Convertible Debentures to its creditor ATC Telecom Infrastructure.
The OCDs with a face value of Rs 10 lakh each are part of Vi's plan to provide debentures worth Rs 1,600 crore to the vendor, for settling its dues.
Remaining 4,000 bonds will also be transferred to ATC after Vodafone Idea receives the application form and subscription amount.
The decision comes after the government decided to convert its interest dues into equities in Vodafone Idea, increasing its stake in the telco to 33 per cent.
