Essar offers bonds and loans in mobile stake monetisation

India’s Essar Group is close to completing a Rp45bn ($940m) bond and loan raising backed by its onshore unit’s 11% holding in Vodafone Essar, the country’s third biggest mobile phone firm.

  • 02 Jul 2009

It is planning a Rp20bn bilateral loan from State Bank of India and a Rp25bn bond sole-led by Barclays Capital that will monetise Essar’s put option in the joint-venture. The bookrunner is expected to release price guidance by next week.

Bankers close to the transaction say it is the ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

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