Debt-ridden Vodafone Idea to raise Rs 1,980 crore through share issue

Vodafone Idea will raise up to Rs 1,980 crore ($233.8 million) through the issue of preferential shares, the Indian telecom company said on Monday.

Vodafone Idea said it will issue shares to Vodafone Group entities Omega Telecom Holdings and Usha Martin Telematics worth up to Rs 1,280 crore and Rs 700 crore, respectively.

The fundraise will likely help the debt-saddled firm pay some of its dues to network infrastructure provider Indus Towers , to which it owes about Rs 5000-6000 crore, according to Ambit Capital’s Vivekanand Subbaraman.

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