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Vodafone Idea to Raise Up to $3.4 Billion

  • A court order allowed it to make staggered payout of back dues
  • Controlling investors had warned of bankruptcy risk earlier
Bharti Airtel And Vodafone Idea Seek More Time From Court On $13 Billion Dues
Photographer: Dhiraj Singh/Bloomberg

Vodafone Group Plc’s India unit said it plans to raise as much as 250 billion rupees ($3.4 billion) selling shares, debt to shore up its finances as it takes on bigger rivals Reliance Jio Infocomm Ltd. and Bharti Airtel Ltd., which have been luring subscribers from the struggling No. 3 wireless carrier.

The board of Vodafone Idea Ltd. approved a plan to sell about 150 billion rupees of shares, the company said in a statement Friday.