Home / Market / Stock-market-news /  Idea Cellular plans to raise Rs2,000 crore through NCDs

New Delhi: Idea Cellular Ltd plans to raise Rs2,000 crore by selling unsecured redeemable non-convertible debentures (NCDs) on a private placement basis with an annual coupon interest rate of 8.04%, the company told stock exchanges on Tuesday.

The tenure of the debentures would be five years and are proposed to be listed on National Stock Exchange (NSE) with deemed date of allotment to be 27 January.

Earlier this month, Idea raised Rs1,000 crore by issuing non-convertible debentures and last month, it raised Rs1,500 crore through the same route.

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The company plans to roll out 4G network in 20 circles by end of March 2017 and has been extensively deploying network infrastructure. After spending Rs12,798 crore in the October 2016 spectrum auctions, Idea’s financial position has tightened further. At the end of June 2016, Idea’s non current debt stood at Rs37,869 crore.

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