Rs 1,500 cr! Vodafone Idea raise first debt after incorporation
Idea Cellular Ltd and Vodafone Plc on last Friday announced completion of the $23.2 billion (approximately Rs 1.6 lakh crore) merger of their India operations to create the countrys largest telecom operator to take on competition from Reliance Jio.
Telecom major Vodafone Idea Limited Monday raised Rs 1,500 crore fund through non-convertible debentures on private placement basis - first debt after its incorporation.
“The Securities Allotment Committee have at their meeting held on September 3, 2018, allotted 15,000 unsecured redeemable non-convertible debentures aggregating to Rs 1,500 crore on private placement basis,” Vodafone Idea said.
The NCDs have maturity period of 5 years and have been offered at interest rate of 10.9% per annum.
Idea Cellular Ltd and Vodafone Plc on last Friday announced completion of the $23.2 billion (approximately Rs 1.6 lakh crore) merger of their India operations to create the country’s largest telecom operator to take on competition from Reliance Jio.
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The merged entity, called Vodafone Idea Ltd, will has a subscriber base of over 40.8 crore and a market share of over 35%, overtaking Bharti Airtel to take numero uno spot.
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