Vodafone India to file draft red herring prospectus for IPO by September 2016

Vodafone India is planning to file the draft red herring prospectus (DRHP) for its initial public offering (IPO) by September 2016. Vodafone aims to raise Rs 150 billion-Rs 180 billion through the IPO. The company has reportedly appointed Bank of America Merrill Lynch, Kotak Mahindra Capital and UBS as the joint global coordinators for the IPO launch. Meanwhile, Deutsche Bank, HSBC and ICICI Securities have been appointed as joint bookrunners. Vodafone will use the proceeds raised from the IPO to reduce past debt, for spectrum acquisitions and towards capital expenditure.