ATC Telecom seeks conversion of debentures in India's Vodafone Idea worth $174 million to shares
Reuters
Published Mar 19, 2024 10:31AM ET
BENGALURU (Reuters) - Indian telecom operator Vodafone (NASDAQ:VOD) Idea Ltd said on Tuesday American Tower Corp (NYSE:AMT) (ATC) Telecom Infrastructure has requested conversion of debentures worth 14.4 billion rupees ($173.5 million) into equity shares.
Vodafone Idea said it will take necessary action to allot ATC 1.44 billion fully paid-up equity shares by converting its 14,400 optionally convertible debentures (OCD).
Debentures worth 16 billion rupees were issued to ATC in January last year.
Earlier this year, Brookfield Asset Management (TSX:BAM) said it will buy ATC's loss-making Indian operations for $2.5 billion, becoming the country's largest operator of telecom towers.
($1 = 83.0104 Indian rupees)
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Written By: Reuters
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