Vodafone India is planning to raise 17 billion rupees ($268 million) through a bond offering soon, according to DCM banking sources.
The bonds might have tenors of three to five years, the sources said. The deal comes a month after the company raised 75 billion rupees through a subordinated bond offering of five years and one month.
The subdebt was raised via three subsidiaries of Vodafone India.
The latest bond offering is likely to pay 100bp lower than the subordinated offering which pays an annual coupon of 10.25 percent, sources said.
HSBC and Standard Chartered arranged the subordinated offering, which is locally rated AA- by Crisil. The latest offering is likely have a higher rating.
Vodafone would use the proceeds of the new offering for capex. The company invests over $1.5 billion to $2 billion annually in India, according to sources.
