Voda Idea pegs rights issue at 61 per cent discount

Bengaluru: Vodafone Idea, India’s largest telecom company by subscribers, is selling $3.6 billion wor-th of shares in a rights issue at a discount of over 60 per cent, which will more than triple its outstanding shares.

The deal announced on Wednesday is the second major fundraising by an Indian telco this year after Bharti Airtel announced a similar plan to raise $4.6 billion to cut debt and funding operations.