Vodafone India raises about Rs 8,800 crore in last one month

Country's second-largest telecom operator Vodafone has raised about Rs 8,800 crore in the last one month.

According to industry sources, Vodafone's three Indian units raised a debt of Rs 7,500 crore through bonds with maturity period of five years in second week of June and another about Rs 1,300 crore through an equity transaction.

As per reports, Vodafone Spacetel borrowed Rs 35 billion on June 12, while Vodafone Essar Cellular and Vodafone South raised Rs 25 billion and Rs 15 billion, respectively on June 9 through the bond issuance.

When contacted, Vodafone spokesperson did not comment.

Sources said the company plans to invest the funds so raised in building up networks as its competitors Airtel and Reliance Jio Infocomm are focussing on latest 4G services to take lead in Indian market.

Vodafone, which is facing retrospective taxation issues in India, was the top MNC investor in the country during April-February period of 2014-15 fiscal.

As per the data available with Commerce and Industry Ministry for April-February period, Vodafone India's $1.5 billion investment in May 2014 was the biggest by any multi-national company.