The conversion follows ATC yesterday converting Vi’s remaining 1,600 OCDs — out of the 16,000 issued to it by the telco — into 160 million fully paid equity shares.
“In this regard, we would like to inform you that the capital raising committee of the company today (i.e. July 12, 2024) has decided to raise Rs. 16,00,00,000 equity shares of face value of 10/- have been allotted. 10/- per equity share to existing OCD holders, corresponding to conversion of 1600 OCD,” Vi said in a BSE filing on Friday.
After the said conversion, all outstanding OCD stands converted into equity shares, the filing added.
According to company insiders, ATC India holds around 0.2% stake in Vi after the conversion.
“Consequent to the above allotment, the paid-up share capital of the company has increased to Rs 680,388,837,720/- comprising 68,038,883,772 equity shares of face value of Rs 10/- each,” the filing added.
In February 2023, Vi paid ATC Telecom Infrastructure against its due Rs. 1,600 crore OCD was allotted. VA ATC is charged around Rs. 2,000 crore debt was estimated.
In March 2024, ATC India initially called for Vi to convert 14,400 OCDs into 1.44 billion fully paid equity shares, or about 2.9% stake. This share is accounted for by ATC India on an average of Rs. 12.78 per share is said to have been sold.
Shares of Vi fell 2.9% on the BSE on Friday to Rs. Closed at 16.08.
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