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June 22, 2021 7:45 am
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Idea Cellular to raise Rs 1,000 crore via debentures

Mobile operator Idea Cellular, currently in merger talks with Vodafone India said it plans to raise Rs 1,000 crore through issuance of non-convertible debentures on private placement basis.

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Mobile operator Idea Cellular, currently in merger talks with Vodafone India said it plans to raise Rs 1,000 crore through issuance of non-convertible debentures on private placement basis. “…the company is proposing to issue Secured Redeemable Non Convertible Debentures amounting to Rs 1,000 crore on private placement basis,” Idea Cellular said in a filing.

The debentures, having a tenure of seven years, will carry a coupon rate of 8.12 per cent per annum, it said. The debentures are secured against movable fixed assets excluding spectrum/ licences, passive telecom infrastructure and employee assets up to Rs 250 crore.

Last week, the company had said it plans to raise Rs 500 crore through issue of Unsecured Redeemable NCDs on private placement basis.

Idea and Vodafone have confirmed they are in talks for a potential merger in India — a move that would create the country’s largest telecom operator with 43 per cent revenue marketshare.

The mega merger — if it goes through — would create a new leader in the Indian mobile and industry challenging rivals Bharti Airtel and and further intensify competition.

Bharti Airtel is the largest mobile operator now with 265.8 million subscribers, Vodafone has 204.6 million users and Idea Cellular 190.5 million users.

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