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Tikona raises Rs 11 billion for BWA

July 15, 2010
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Tikona Broadband, which recently won broadband wireless access (BWA) spectrum in five telecom circles, has raised over Rs 11 billion through a mix of share sale, debt and convertible debentures. The company has offloaded about 4 per cent stake through a fresh issue of shares and has issued Rs 7 billion worth of compulsory convertible debentures. The remaining Rs 4 billion has been raised through a long-term bank loan. These funds will be used by the company to expand its network coverage from the current 30 cities to 150 cities by end-2010. This is the company's second round of fund-raising. In February 2010, Tikona had raised Rs 5 billion by offloading 70 per cent stake to three private equity investors -­ Goldman Sachs Investment Partners, Indivision India Partners and Oak India Investments.

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