India's Idea Cellular is seeking to raise around 25 billion rupees (US$528 million) by selling debt or borrowing funds overseas to fund its 3G network deployment and payment for the recently won 3G licenses.
The company has completed a plan to borrow 40 billion rupees (US$852 million) and is looking to raise debt in foreign currency, Chief Financial Officer Akshaya Moondra told Bloomberg News. The report noted that interest rates for overseas debt would be lower than locally raised funding.
He also confirmed that the company wouldn't be seeking additional funds from its shareholders, although if 3G demand is higher than expected, that may be reviewed. The locally listed company is 15% owned by Malaysia's Axiata Group.
Idea bid US$1.27 billion for 3G licenses in 11 circles: Maharashtra, Gujarat, Andra Pradesh, Madhya Pradesh, Himachal Pradesh, Uttar Pradesh (East and West), Punjab, Haryana and Kerala.
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