Bharti Airtel set to raise Rs 16.5k cr

Airtel will now approach shareholders for final approval on the proposal to raise debt

Airtel will now approach shareholders for final approval on the proposal to raise debt

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.

"Any funds, if raised from the issuance of aforesaid debt securities, shall be used in routine treasury activities, including refinancing of existing debt and spectrum liabilities", the filing added. Such tranches/ series and at such rates may be approved from time to time on cumulative basis along with all NCDs issued by the company.

During the third quarter ended December 31, 2017, Bharti Airtel had a consolidated net debt of Rs 91,714 crore compared with Rs 91,480 crore in the preceding quarter.

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A part of the stake will be utilised for the completion of stake sale in Bharti Telemedia to Warburg Pincus Group.

According to an announcement, BTL is a promoter company of Bharti Airtel Limited (BAL), a company whose shares are listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Ltd (NSE).

At the meeting, the board also approved the transfer of 19 per cent equity stake in its direct-to-home (DTH) subsidiary Bharti Telemedia, which provides DTH services under the Airtel Digital TV brand, to Nettle Infrastructure Investments, a subsidiary company.

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As per transaction details then disclosed, Bharti Airtel would sell 15% of its DTH arm to Lion Meadow Investment for Rs 1,623.76 crore, while the balance would be sold by a Bharti promoter entity which owns 5% in company.

In January, the company had made a decision to transfer 25 per cent equity shares in Bharti Telemedia to its wholly owned subsidiary Nettle Infrastructure Investments.

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