(6 June 2009 9:50 pm)

MUMBAI: Essel Group’s cable company Wire and Wireless India Ltd (WWIL) will be raising debt of Rs 1.92 billion.

The company plans to issue 192 secured redeemable non-convertible debentures of Rs 1 million each aggregating Rs 1.92 billion on a private placement basis to institutional investors.

"The amount will be used for meeting our working capital and capex requirements," says a source.

WWIL, which has major investment plans once its Headend-In-The-Sky (HITS) project gets rolling, is also in the process of raising Rs 4.5 billion through rights issue.

For debt issue up to Rs 2 billion, Credit Analysis and Research Ltd (Care) has assigned a credit rating of "AA (SO)".

The debentures will be listed on the wholesale debt market segment of the National Stock Exchange (NSE).

Also Read:

WWIL to invest in acquisition, loan repayment