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Idea Cellular raises Rs 2,225 cr

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CIOL Bureau
New Update

BOMBAY: Indian cellular services provider, Idea Cellular Ltd, has raised Rs 2,225 crore through equity and debt for meeting its capital expenditure and refinancing of its high cost debt.



The deals involved seven different instruments - equity capital, preference capital, secured and unsecured rupee loans, a dollar loan, working capital facility and a debt issue, the company said in a statement.



The deals were finalised with banks, financial institutions and foreign intermediaries.



"In a scenario where many cellular players are going through trying times, the funding will allow us to expand and deliver more to all our stakeholders across the value chain," said Vikram Mehmi, the company's officiating chief executive officer.



Pune-based Idea Cellular is equally owned by India's powerful Tata and Birla business groups and AT&T Wireless Company.

© Reuters

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