Airtel To Raise Rs 16,500 Crore For Spectrum Payment, Refinancing Debt

Mumbai: Telecom major Bharti Airtel's board on Monday approved a plan to raise around Rs 16,500 crore through issue of non-convertible debentures (NCD) and foreign currency bonds. The company's board has approved "issuance of non-convertible debentures of up to Rs 10,000 crore on a private placement basis", the company said in a regulatory filing to the BSE.

The foreign currency bonds up to a limit of $1 billion (around Rs 6,500 crore) would be issued in one or more tranches, it said.

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"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.

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