Vodafone Idea on Tuesday comeback in the green after it announced the allotment of 12,000 optionally convertible debentures (OCDs) to American Tower Corp.

What Happened: The company on Saturday got the shareholder’s nod to issue a ₹1,600 crore OCD to American Tower Corp. The company on Monday informed that it has issued a total of 12,000 unsecured, unrated, and unlisted OCDs of the face value of ₹10 lakh to ATC amounting to a total of ₹1,200 crore.

See Also: Airtel Shares Extend Losses As Newly Inked Cloud Deal Fails To Improve Investor Sentiment

The remaining “4,000 OCDs shall be allotted upon receipt of the application form and subscription money” the company informed in a regulatory filing. The move is supposed to bring some relief to the deb-ridden telco.

Now if the Boston-headquartered tower company proceeds to convert all the 16,000 OCDs into equity share that will translate to a 3.12% stake in the telecom operator. The conversion will dilute the promoters’ shareholding to 48.76% – 31.27% by Vodafone Group and 17.49% by Aditya Birla Group, with the government’s stake coming down to 32.09%.

Price Action: Vodafone shares galloped 1.05% to ₹6.75% at market open on Tuesday.

Read Next: What’s Going On With Vodafone Idea Shares Today?