Vodafone India is reportedly planning an Rs17bn (US$268m) bond offering just a month after raising Rs75bn in a subordinated bond issue.
The new bonds may have tenors of between three and five years, Reuters cited banking sources as saying.
This…
Vodafone India is reportedly planning an Rs17bn (US$268m) bond offering just a month after raising Rs75bn in a subordinated bond issue.
The new bonds may have tenors of between three and five years, Reuters cited banking sources as saying.
This offering is likely to pay 100bp less than the subordinated bonds, which carry a coupon of 10.25%, according to the report.
HSBC and Standard Chartered arranged the subdebt, which was raised via three subsidiaries of Vodafone India.
Proceeds would reportedly be used for capex.
Vodafone was not immediately available for comment.
In its results presentation for the year ended 31 March 2015, UK-based Vodafone said the Indian unit’s service revenues for the period were up 12.6% to £4.31bn, driven by a growth in customers, accelerated 3G data uptake and stable voice pricing. Total revenues stood at £4.32bn, EBITDA at £1.28bn and the EBITDA margin at 29.6%.
Vodafone India was the third highest spender in the country’s record-breaking March spectrum auction, bidding a total Rs258.1bn (£2.78bn) for airwaves in 12 telecoms service areas (or circles).
