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

The loss-making carrier has been ordered by the country’s top 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.
Vodafone said it would raise up to 150 billion rupees through debentures and an equal amount by issuing shares and warrants, but together will not exceed 250 billion rupees.
Vodafone lost 4.7 million subscribers in May alone, data from the country’s telecom regulator showed, while its gross debt stood at 1.19 trillion Indian rupees as of June end.
The fund-raise plan will be considered at the annual general meeting of shareholders later this month, the company said.
($1 = 73.2250 Indian rupees)
(Reporting by Philip George in Bengaluru; Editing by Arun Koyyur)
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