SBI to lend Vodafone Essar Rs 100 billion
The State Bank of India (SBI) has agreed to lend Vodafone Essar Rs 100 billion to finance the company's entry into 3G telecom services and expansion of its broadband operations. The five-year loan carries an interest rate of 13.25 per cent for the first two years; thereafter, it will be readjusted on the basis of the average prime lending rate of four public sector banks – SBI, Punjab National Bank, Canara Bank and Bank of Baroda.
Vodafone Essar is planning to use about Rs 60 billion to expand its telecom network and to prepay part of its previous debt. The company already has debt amounting to Rs 100.4 billion on its books as of March 2008, so the fresh borrowing will take its combined loan exposure to around Rs 200.4 billion.
- Most Viewed
- Most Rated
- Most Shared
- Related Articles
- Sterlite Technologies announces results ...
- Margins Under Pressure - Bharti and Idea...
- GTL Limited reports 26 per cent fall in ...
- Sify Technologies Limited reports third ...
- Financial briefs of March 2011
- Rush for Funds - 3G and BWA auctions spu...
- Spice Group plans to raise $ 1 billion t...
- Spice Mobility Limited plans to transfer...
- MTNL posts its results for the first qua...
- Banglalink raises $102 million through c...
No Most Rated articles exists!!
