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Airtel to raise Rs 16.5k cr for refinancing huge debt, paying spectrum liabilities
Telecom major Bharti Airtel on Monday received approval from the board to raise up to Rs 16,500 crore for refinancing its huge debt and paying for spectrum liabilities.
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 $1 billion or equivalent in one or more tranches”, Airtel said in a regulatory filing.
The NCDs of up to Rs 10,000 crore 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 proposed raising of debt.
As on December 31, 2017, the company's consolidated net debt stood at Rs 91,714 crore higher than Rs 91,480 crore in the previous quarter.
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Sunday EditionView All
18 Mar 2018 | PNS
AAI conducts international workshop for utilizing GAGAN In keeping with the Prime Minister’s objective of using technology as a means of development and co-operation, Airports Authority of India has now offered GPS-aided Geo Augmented Navigation (GAGAN) to SAARC and Southeast Asian countries in order to allow them to reap the significant benefits that accrue from such an advanced navigation system. AAI conducted a two-day workshop on March 15 and 16, 2018...
STATE EDITIONSView All
19 Mar 2018 | Staff Reporter | Bhopal
Leader of the Opposition in the state assembly Ajay Singh said that the claims of women well-wisher Chief Minister Shivraj Singh are deceiving as miscreants with minor offences are arrested with immediate effect, but in the matter related to a minister's son, Chouhan says enquiry would be conducted He further alleged that prime facie, minister's son was responsible for Preeti Raghuvanshi’s suicide. Chief Minister Shivraj Singh Chouhan today instructed police officials to...