Debt-laden Vodafone Idea to raise up to $3.4 billion in funds


BENGALURU (Reuters) – Vodafone Idea Ltd (VODA.NS) said on Friday it would raise funds up to 250 billion Indian rupees ($3.41 billion) as the Indian telecom operator tries to pay off the hefty dues it owes to the government.

The loss-making carrier has been ordered by the country’s Supreme Court to pay roughly 500 billion Indian rupees ($6.81 billion) in dues to the government over a ten-year period and it has so far paid 78.54 billion rupees.

(This story corrects to say up to $3.4 bln, not $4.1 bln, in headline, paragraph 1)

Source: reuters.com

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