Tata Communications, the country’s largest, long-distance telephony company, plans to raise $1 billion (Rs 4,000 crore) to partly fund its expansion plans for the next three years. It has already approached banks to raise $350 million within a month.
In February, the company, formerly known as Videsh Sanchar Nigam (VSNL), said that it would spend $2 billion in the next three years to complete additional submarine cable systems connecting emerging markets across the world and for its WiMax services.
Bank of America is one of the banks working out the mandate for raising $350 million for the first year of the three-year expansion plan.The company has options such as foreign currency convertible bonds, qualified institutional placement or dilution of stake in one of its subsidiaries.
Read more in The Business Standard article.
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