Telecom operator Vodafone Idea's shareholders have approved the preferential issuance of up to Rs 1,600 crore of optionally convertible debentures to vendor American Tower Corp (ATC), according to a regulatory filing.
The special resolution to this effect was cleared at an Extra-ordinary General Meeting (EGM) of Vodafone Idea on Saturday.
"The following items of business as set out in the notice dated January 31, 2023, were transacted at the EGM... issue of securities on a preferential basis," the company said in a BSE filing.
According to the voting results, overall 99.99 per cent of the votes were in favour of the resolution, which pertained to issue of optionally convertible debentures of up to Rs 1,600 crore to American Tower Corp.
The telco had earlier said that these funds would be used to pay amounts owed to ATC India under the master lease agreements and, to the extent of remainder, for general corporate purposes.
