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.
It is planning a Rp20bn bilateral loan from State Bank of India and a Rp25bn bond sole-led by Barclays Capital that will monetise Essars 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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