Idea Cellular to raise Rs 1,500 cr debt from market

Telecom operator Idea Cellular today said that it will raise Rs 1,500 crore through issue of debntures on private placement on December 13.
"...The Company is proposing to issue Unsecured Redeemable Non-Convertible Debentures (NCDs) amounting to Rs 1,500 crores on private placement basis," Idea said in a regulatory filing.
The NCDs will be listed on National Stock Exchange with tenure of five years with interest rate of 7.57 per cent per annum.
The date of allotment for NCDs has been fixed December 13 for which maturity date will be December 13, 2021, the filing said.
Idea has been investing in expansion of its 4G network across. It has plans to continue the rapid rollout of its 4G services to 20 circles by the end of current fiscal.

Idea has planned nearly 57,000 additional sites this year to enable the launch of 4G in 9 circles and expand wireless broadband footprint on a pan-India level.
Currently, Idea's wireless broadband network is spread across 17 circles with a population of over 880 million, with 50 per cent of this population already covered.
The company plans to achieve a network of nearly 250,000 sites and optical fibre network of 1.41 lakh kilometer this fiscal to lay a strong foundation for futuristic mobile broadband services.