CHENNAI: Leading telecom service provider Bharati Airtel is planning to raise up to ₹10,000 crore through private placement of non-convertible debentures (NCDs). Also, it is proposing to issue foreign currency bonds up to a limit of $ 1 billion.
The board of the company has cleared the twin proposals at a meeting in Mumbai on Monday.
This is, perhaps, the largest-ever fund-raising plan approved by the Bharti Airtel board in a single meeting
The NCDs, according to a company filing with the BSE, will be issued in ``such tranches/series and at such rates as may be approved from time to time on a cumulative basis.’’ It went to say that it would also issue $1 billion foreign currency bonds on one or more tranches.
The funds thus raised ``shall be used for routine treasury activities, including refinancing of existing debt and spectrum’’. The company would seek the shareholders’ nod for the NCD proposal since the earlier approval for raising ₹10,000 crore had a one-year validity only and ends on March 13, 2018.
