Essar Group To Raise $3.59 Bln Against 33 % Vodafone-Essar Stake
By Anupama Chandrasekaran - Tue 25 Sep 2007 07:12 PM PST
The Essar Group is raising $3.59 billion (Rs 14,360 crore) against its 33 per cent stake in Vodafone (NYSE: VOD)-Essar, the country’s fourth-largest mobile operator, in what will be the largest fund-raising through the share monetisation route by an Indian company. [via Business Standard] The funds will be used to lower borrowing costs and to fund investment for companies that are part of the Essar Group, according to a statement from BNP Paribas, which is part of the loan arrangement team.
Posted in: JV & Investment, Mergers & Acquisitions, Mobile, Operators, Hutch/Voda
