Tikona Broadband, which has recently won BWA spectrum in five telecom circles, has raised over Rs 11 billion through a mix of share sale, debt and convertible debentures

Tikona Broadband, which has recently won 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 compulsory convertible debentures. The remaining Rs 4 billion has been raised through a long-term bank loan.
The company will use these funds to expand its network coverage from the current 30 cities to 150 cities by the end of 2010. This is the second round of fund-raising by the company. 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.