Debt

Debt financing

Vodafone idea raises Rs.3,300-Cr via NCDs

Economic Times  

Telecom services provider Vodafone Idea, formed by the merger of Vodafone India and Idea Cellular, has raised INR 3,300 crore through its subsidiary Vodafone Idea Telecom Infrastructure Ltd (VITIL) by issuing secured non-convertible debentures (NCDs). The round saw participation from a diverse group of investors, including large non-banking financial companies (NBFCs), foreign portfolio investors, and alternative investment funds.JM Financial Products acted as the exclusive debt arranger for the transaction.The proceeds will be used by VITIL to meet its payment obligations to the parent. The capital will be used to support the company's efforts to enhance network coverage and service quality, fund capital expenditure, operational needs, 4G expansion, and preparations for next-generation services.

In Mar-17, Idea Cellular acquired a 100% stake in Vodafone India for USD 12,400 million.