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Idea Cellular to raise funds for debt reduction, network expansion

Fund-raising also driven by conditions for merger with Vodafone India

  © Reuters

MUMBAI (NewsRise) -- Idea Cellular's board of directors approved a plan to raise funds through a share sale to its founding group, as India's third-largest mobile phone operator seeks to pare its massive debt and fund network expansion.

The company, a part of the Aditya Birla conglomerate, aims to raise as much as 32.5 billion rupees ($512 million) through the shale sale, it said in a statement Thursday. Idea will issue up to 327 million shares at 99.50 rupees apiece. After the transaction, the founding group's interest in the firm will increase to 47.2% from 42.4%.

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