India's telecom operator Vodafone Idea Ltd reported a second-quarter loss on Wednesday and said it is looking to raise about Rs 250 billion ($3.5 billion).
The company said its board is evaluating ways to raise the capital in which promoters Vodafone Group will chip in Rs 110 billion and Aditya Birla Group Rs 72.5 billion.
This is the first quarterly result since Vodafone Plc merged its Indian operations with Idea Cellular in August, creating the country's largest telecom operator by subscribers and revenue.
The company's after-tax loss was Rs 49.74 billion in the second quarter ended September 30, which included a one-time charge of Rs 5.66 billion, mainly due to integration and merger-related costs.
Revenue from operations was Rs 76.64 billion.
The results included numbers for Idea Cellular up to August 30 and Vodafone Idea from August 31 to September 30 and were not comparable to earlier periods, the company said in a statement.
India's telecom industry has been battered by a price war, sparked by the entry of billionaire Mukesh Ambani-owned Reliance Jio Infocomm Ltd. Rival Bharti Airtel Ltd's second-quarter profit plunged over 65 percent.
