Vodafone Idea trims bond issue, shifts focus to cheaper lender financing amid AGR relief hopes

Vodafone Idea Telecom Infrastructure, a wholly-owned subsidiary of telecom operator Vodafone Idea, has slashed the size of its planned bond sale, two sources aware of the matter said on Thursday, citing expectations of securing cheaper funding from lenders.

The unit of India’s third-largest wireless carrier will now raise around 32 billion rupees ($359 million) through bond sales, down from 50 billion rupees, the sources added. The company will raise a chunk of the debt via two-year bonds at a yield of around 12%, and the remaining through three-year and two-month bonds at a yield of about 14%.