Idea to raise USD300m for 4G network expansion

Idea Cellular, India’s third-largest mobile provider by subscribers, plans to raise INR20 billion (USD293.2 million) via non-convertible debentures (NCDs) to fund 4G network expansion as it looks to tackle aggressive newcomer Reliance Jio Infocomm (Jio). In a notification to the National and Bombay stock exchanges (NSE and BSE, respectively), Idea stated that it would offer 8.04% for a tenure of five years on the NCDs, which will go on offer on 27 January 2017.