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To counter Jio, Airtel to raise Rs 165 bn via NCDs, foreign currency bonds

Press Trust of India/New Delhi 12 Mar 18 | 03:59 PM

Bharti Airtel

Telecom major Bharti Airtel on Monday received approval from the board to raise up to Rs 165 billion for refinancing debt and paying for spectrum liabilities.

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The board of the company approved "issuance of non-convertible debentures (NCDs) of up to Rs 100 billion on a private placement basis" and "issuance of foreign currency bonds up to a limit of $1 billion or equivalent in one or more tranches", Airtel said in a regulatory filing.

The NCDs of up to Rs 100 billion can be raised in tranches or a series at rates may be approved from time to time.

"Any funds if raised from the issuance of aforesaid debt securities shall be used for routine treasury activities including refinancing of existing debt and spectrum liabilities," the filing said.

Airtel will now approach shareholders for final approval of the propose raising of debt.

As on December 31, 2017, the company's consolidated net debt stood at Rs 917.14 billion higher than Rs 914.8 billion in the previous quarter.

Shares of Bharti Airtel were trading 4.12 per cent up at Rs 418.50 on BSE. 

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