The Essar Group plans to raise up to Rs 45 billion worth of funds by monetising its shareholding in Vodafone Essar. Pledging part of the group's stake (11 per cent) in Vodafone Essar, ETHL Communications Holdings, the wholly owned subsidiary of the group's telecom arm Essar Teleholdings, will issue non-convertible debentures to raise Rs 22.5 billion with the option to raise an equal additional amount, depending on investor interest. The instruments will carry a yield of 8.5 to 9.75 per cent with maturity in July and December 2011.