Indian telecom operator Vodafone Idea’s board of directors recently approved a plan to sell INR16 billion ($194 million) worth of convertible bonds to ATC Telecom Infrastructure, according to local press reports.
The funds obtained via this program will be used by the cash-strapped telco to pay for tower rentals from the U.S.-based telecom infrastructure company, which rents some of its assets in India to Vodafone Idea.
