Aircel to raise Rs 4000 Cr via short-term debt

MUMBAI,  INDIA: Aircel, India's seventh-ranked mobile operator, said on Wednesday it is looking to raise up to 40 billion rupees ($899 million) via short-term debt.

Earlier in the day, four sources, including one with direct knowledge of the deal, had said Aircel plans to sell one-year commercial paper at 9.40 percent and Deutsche Bank is the arranger.

A company spokeswoman confirmed the quantum, maturity and the arranger to the issue, but did not confirm the coupon rate.

Aircel, which is 74-percent owned by Malaysia's Maxis Communications, had last month said it will shortly bid for 3G wireless spectrum and has tied up funds.