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MADRID, March 26 (Reuters) - Spain's Telefonica announced on Wednesday it would raise 3.0 billion euros ($3.29 billion) in a rights issue to help fund the purchase of Vivendi's Brazilian unit GVT
The shares will be offered at 10.84 euros a share, a 19.8 percent discount to Wednesday's closing stock market price, and with shareholders having the right to buy 1 new share for every 16 currently held.
French media group Vivendi agreed to sell broadband business GVT to Telefonica in September last year in a cash and share deal worth around 7.2 billion euros
The agreement merges Telefonica's Brazilian mobile business and GVT's broadband network together so the group can offer bundles of mobile and fixed line services, including broadband internet and TV. ($1 = 0.9120 euros) (Reporting By Elisabeth O'Leary, Jose Elias Rodriguez and Andres Gonzalez)