Vodafone Idea’s proposal to settle Rs 1,600 crore dues with equipment vendor ATC Telecom Infrastructure through issuance of equity convertible debt bonds will now happen on February 28 next year, as per an exchange filing by the telecom operator on Saturday. Both companies have mutually decided to extend the last date of the proposal, which lapsed on December 6, in absence of communication from the government for converting Vodafone Idea’s interest dues into equity.
The issuance of bonds to ATC is again subject to conversion of interest dues into equity by the government, Vodafone Idea said. The company has opted for converting about Rs 16,000 crore of interest liability payable to the government into equity, which will amount to around 33% stake in the company, while promoters’ holding will come down from 74.99% to 50%.
On Tuesday, the company had said it was in discussions with ATC for extension of the agreement and would…
