Vodafone India raises Rs.8,800 crore for debt refinancing

Mumbai, (IANS) The Indian arm of British telecom major Vodafone has raised Rs.8,800 crore for corporate debt refinancing, its law firm said on Wednesday.

“Rs.7,500 crore was raised through private placement of its debentures and the remaining Rs.1,300 crore by rights issue on June 9,” Vodafone India law firm Shardul Amarchand Mangaldas said in a statement here.

The debentures were in the form of rated, unlisted, redeemable and non-convertible units of Vodafone’s subsidiaries, including Spacetel, Cellular and South, while the rights issues was subscribed by its India group.

As the second largest private mobile network operator after Airtel, Vodafone has about 180 million subscribers across India and provides a range of services spanning voice, data, video and multimedia.

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