Vodafone Idea sets terms for USD 3.6 billion worth rights issue

Vodafone Idea Ltd, India’s largest telecommunications company by subscribers, on Wednesday approved 250 billion rupees (USD 3.63 billion) rights issue at a sharp discount, sending its shares tumbling.

The deal is the second major fundraising by an Indian telco this year after Bharti Airtel Ltd announced a similar plan to reduce debt and fund operations in a market blighted by steep price competition.