Norway-based Telenor has scrapped its proposed 12 billion kroner rights offer to fund its acquisition of a 60 per cent stake in India’s Unitech Wireless.

Norway-based Telenor has scrapped its proposed 12 billion kroner rights offer to fund its acquisition of a 60 per cent stake in India’s Unitech Wireless. Telenor will now fund the Unitech deal through a combination of cash flow and by issuing additional debt. The company has also stated that it has recently signed an 8 billion kroner three-year loan, which could be used to fund the Unitech deal.

Meanwhile, Telenor is planning to incur a capital expenditure (capex) of 5.5-6.5 billion kroner (about $1 billion) in 2009.