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<\/span><\/figcaption><\/figure>Mumbai: Vodafone Idea<\/a> shareholders Saturday approved the Rs1600-crore preferential issuance of optionally convertible debentures to American Tower Corporation<\/a> (ATC<\/a>), a move which will allow the cash-strapped telco to pay off most of the US tower company’s dues.

“An Extra-ordinary General Meeting (\"EGM\") of the Company was held on Saturday, 25th February, 2023 at 4:00 p.m. (IST) through Video Conference \/ Other Audio-Visual…,\" Vodafone Idea said in a statement to the Bombay Stock Exchange.

The telco added that it’s shareholders had approved the issuance of OCDs<\/a> to ATC with a 99.99% majority voting in favour of the proposal.

After the issuance of OCDs to ATC, the promoters now hold 48.76% – 31.27% by UK’s Vodafone Group PLc, and 17.49% India’s Aditya Birla Group<\/a> – in Vodafone Idea. The government holds 32.09%.

ATC will hold 3.18% in the distressed telco, assuming full conversion of the OCDs issued, the telco said in its disclosure to the exchanges.

Loss-making Vi<\/a>’s board had first approved the preferential issue of OCDs to ATC Telecom Infrastructure<\/a> (ATC) at its extraordinary general meeting on November 21.

But the loss-making carrier was forced to defer the issuance twice as the government didn’t convert the telco’s Rs 16,130-crore accrued interest on deferred adjusted gross revenue (AGR)-related dues into equity in the required time frame.

The government on February 3 cleared the equity conversion, which gave it a 33.1% stake in the distressed telco, making it the single largest shareholder. This holding has been diluted after the issue to ATC.

Analysts say that the transaction is a small respite for the beleaguered telco, which is finding is difficult to pay off the dues of other vendors such as tower firm Indus Towers (around Rs7000 crore) and Finnish equipment maker Nokia (around Rs3000 crore).

Now that the government equity conversion is done, the telco expects a part of its bank debt to be refinanced, freeing up cash for much-needed investments in its network. This should trigger some cash generation from operations, which will be used to start clearing of vendor dues, the company has said. Vi’s promoters are also expected to infuse around Rs5000 crore equity shortly, which is expected to be followed by equity funding from third-party investors.
\"To<\/a><\/figure>

To keep Vodafone Idea going, vendors keep their demands in check<\/a><\/h2>

At Vi’s fiscal third-quarter earnings call on February 15, chief executive Akshaya Moondra said the cash-strapped telco needs to get funding first to be able to make investments and improve its operational cash flows before it addresses the vendor payments situation.<\/p><\/div>

\"\"
<\/span><\/figcaption><\/figure>Mumbai: Vodafone Idea<\/a> shareholders Saturday approved the Rs1600-crore preferential issuance of optionally convertible debentures to American Tower Corporation<\/a> (ATC<\/a>), a move which will allow the cash-strapped telco to pay off most of the US tower company’s dues.

“An Extra-ordinary General Meeting (\"EGM\") of the Company was held on Saturday, 25th February, 2023 at 4:00 p.m. (IST) through Video Conference \/ Other Audio-Visual…,\" Vodafone Idea said in a statement to the Bombay Stock Exchange.

The telco added that it’s shareholders had approved the issuance of OCDs<\/a> to ATC with a 99.99% majority voting in favour of the proposal.

After the issuance of OCDs to ATC, the promoters now hold 48.76% – 31.27% by UK’s Vodafone Group PLc, and 17.49% India’s Aditya Birla Group<\/a> – in Vodafone Idea. The government holds 32.09%.

ATC will hold 3.18% in the distressed telco, assuming full conversion of the OCDs issued, the telco said in its disclosure to the exchanges.

Loss-making Vi<\/a>’s board had first approved the preferential issue of OCDs to ATC Telecom Infrastructure<\/a> (ATC) at its extraordinary general meeting on November 21.

But the loss-making carrier was forced to defer the issuance twice as the government didn’t convert the telco’s Rs 16,130-crore accrued interest on deferred adjusted gross revenue (AGR)-related dues into equity in the required time frame.

The government on February 3 cleared the equity conversion, which gave it a 33.1% stake in the distressed telco, making it the single largest shareholder. This holding has been diluted after the issue to ATC.

Analysts say that the transaction is a small respite for the beleaguered telco, which is finding is difficult to pay off the dues of other vendors such as tower firm Indus Towers (around Rs7000 crore) and Finnish equipment maker Nokia (around Rs3000 crore).

Now that the government equity conversion is done, the telco expects a part of its bank debt to be refinanced, freeing up cash for much-needed investments in its network. This should trigger some cash generation from operations, which will be used to start clearing of vendor dues, the company has said. Vi’s promoters are also expected to infuse around Rs5000 crore equity shortly, which is expected to be followed by equity funding from third-party investors.
\"To<\/a><\/figure>

To keep Vodafone Idea going, vendors keep their demands in check<\/a><\/h2>

At Vi’s fiscal third-quarter earnings call on February 15, chief executive Akshaya Moondra said the cash-strapped telco needs to get funding first to be able to make investments and improve its operational cash flows before it addresses the vendor payments situation.<\/p><\/div>