Idea to Raise 1,000 cr Via Corporate Bonds
Idea Cellular, which is in preliminary talks for an all-share merger with Vodafone India, plans to raise .₹ 1,000 crore by selling corporate bonds, the latest in a series of fund-raising initiatives to build a war chest to ward off competition from Mukesh Ambani-owned Reliance Jio Infocomm, reports
The bonds will offer 8.12% with a seven-year tenure and are proposed to be listed on the National Stock Exchange, the telecom company said in a stock exchange notification. They will be deemed allotted on February 8. Idea Cellular has been using the corporate bond route to raise funds, which experts said could be cheaper than a term loan.