The country’s largest telecom services provider Bharti Airtel said its board had approved raising up to ₹16,500 crore through a mix of non-convertible debentures and foreign currency bonds, to be used for refinancing of debt and payment of spectrum liabilities.
NCDs, bonds
In a communiqué to the stock exchanges, Bharti Airtel said the board of directors, in its meeting held on Monday, approved “issuance of non-convertible debentures (NCDs) of up to ₹10,000 crore on a private placement basis in such tranches / series and at such rates as may be approved from time to time on cumulative basis along with all NCDs issued by the company; and issuance of foreign currency bonds up to a limit of $1 billion or equivalent in one or more tranches.”
“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 company added.
