Telenor ditches equity plan, decides on loan
Telenor, the Norwegian telcoms firm, has secured a Nkr8bn ($1.2bn) loan to help fund its acquisition of a 60% stake in India’s Unitech Wireless, eschewing a Nkr12bn rights issue. The loan will please equity investors who took fright last October when Telenor announced the possibility of an equity raising and caused its stock to fall 26%, and suggests that some of the loan market gloom is lifting.
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