State-owned carrier Air India will hit the bond market to raise Rs 22,000 crore as it looks to restructure its balance sheet before being put up for sale. The fundraising, to be backed partly by a sovereign guarantee, will be done in two tranches of Rs 7,000 crore and Rs 15,000 crore, and used to repay a group of Indian and foreign lenders to whom the airline owes almost Rs 58,000 crore.
SBI Caps, the investment bank subsidiary of State Bank of India, has been roped in as advisor to the process, which is the highest fundraising by the company. The Rs 15,000-crore bond issue is expected to ...
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