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The board of directors of loss-making telecom company Vodafone Idea Limited (VIL) took a big decision on Friday. The company approved a proposal to raise up to Rs 1,600 crore from mobile tower company ATC. VIL gave this information to the stock exchanges. The company said that this amount will be raised through debt bonds convertible into equity.
The board of directors of Vodafone Idea Ltd in its meeting on Thursday approved raising up to Rs 16,000 by issuing optionally convertible, unsecured, unrated and unlisted debentures (OCD), the company said. The face value of each debenture is 10 lakhs.
These bonds will be issued to ATC Telecom Infrastructure Pvt Ltd in one or more installments. They can also be converted into equity shares. OCD interest is 11.2%. This amount will be payable every six months.