Vodafone branding is seen outside a retail store in London November 12, 2013. REUTERS/Toby Melville/File Photo
BENGALURU: Vodafone Idea Ltd, India’s largest telecommunications company by subscribers, has approved a 250 billion rupees (US$3.63bil) 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.
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