The company wants to utilize the proceeds of the issue to finance its Africa debt which it raised to acquire Kuwait-basedZain"soperations spread in almost 15 African countries.
The list of the banks acting as the joint book runners includes UBS, Barclays Capital, Deutsche Bank, HSBC and Standard Chartered.
However, the company has scheduled the investor meeting to be held next week, in regard to the bond issue.
During the quarter ended December 31, 2011 , the loss incurred by the company related to its Africa business stood around Rs. 5.25 billion (US$118.6 million).
When asked by the reporters to comment on the offerings , the company denied giving any further information.