Last month, Boston-based ATC had informed the US Securities and Exchange Commission (SEC) that Vis OCDs would mature in two tranches of Rs 800 crore each on August 27, 2023 and August 27, 2024. That has now changed.
Vodafone Idea (Vi) has extended the redemption period of 8,000 optionally convertible debentures (OCDs) – out of the 16,000 OCDs issued to American Tower Corps India unit (ATC Telecom Infrastructure Pvt Ltd) – to 18 months from the allotment date, instead of the earlier six-month deadline.
Vodafone Idea: The move is a relief for Vi, which is yet to tie up its much needed funding needed to pay vendors, the government, expand its 4G coverage and also invest in its pending 5G rollout.
ATC India: The two sides have entered into a 60-day exclusivity agreement for bilateral negotiations that could end in ATC selling a minimum of 51% in its India unit, ATC Telecom Infrastructure Pvt Ltd (ATC-TIPL), to cashing out entirely at an enterprise value of around $1.5-2.0 billion, the people said. I Squared has been competing with Canada’s Brookfield and US infrastructure fund Stonepeak Partners for the stake.
The two sides have entered into a 60-day exclusivity agreement for bilateral negotiations that could end in ATC selling a minimum of 51% in its India unit, ATC Telecom Infrastructure Pvt Ltd (ATC-TIPL), to cashing out entirely at an enterprise value of around $1.5-2.0 billion, the people said. I Squared has been competing with Canadas Brookfield and US infrastructure fund Stonepeak Partners for the stake.