Bharti Airtel gets board nod to raise Rs 16500 cr

Bharti Airtel gets board nod to raise Rs 16500 cr

The country's largest telecom operator on Monday said it has received approval from the board to raise up to Rs 10,000 crore through the issue of non-convertible debentures and up to $1 billion through foreign currency bonds.

The board of the company approved "issuance of non-convertible debentures (NCDs) of up to Rs 10,000 crore on a private placement basis" and "issuance of foreign currency bonds up to a limit of United States dollars 1 billion or equivalent in one or more tranches", Airtel said in a regulatory filing.

Leading telecom service provider Bharati Airtel is planning to raise up to ₹10,000 crore through private placement of non-convertible debentures (NCDs). The fundraising is to conduct treasury operations including refinancing of debt and spectrum liabilities.

Kolkata: Singapore Telecommunications (Singtel) has concluded its Rs 2,649 crore investment in Bharti Telecom, taking its total stake (including affiliates) in the holding company of Bharti Airtel to 48.90% from earlier 47.17%. Bharti Airtel had recently increased its capital expenditure guidance for this fiscal to Rs 25,000 crore from Rs 20,000 crore earlier. Bharti Airtel and its wholly-owned arms own 53.51% in the tower company at present.

Back in December a year ago, the Bharti group had announced plans to sell a fifth of its DTH arm to an affiliate of global private equity firm Warburg Pincus, for around Rs 2,258 crore ($350 million), with most of the funds being consumed by Bharti Airtel to fight mounting competition from Reliance Jio. The promoters of Idea-Birla TMT, Elaine Investments, Oriana Investments-have already invested Rs3,250 crore to strengthen its balance sheet amid intense competition and before a planned merger with Vodafone India Ltd.

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