Top fund houses invest ₹1,380 cr in Bharti Telecom bonds

Fund houses such as Kotak Mutual Fund, HDFC Mutual Fund, Aditya Birla Sun Life MF and Nippon India MF, a bond house and a general insurance company, invested in ₹1,380-crore bonds raised by Bharti Telecom last month, people aware of the matter said.

ICICI Prudential MF, Axis MF, Gilts and Reliance General Insurance too invested in the bonds floated to participate in a ₹21,000-crore rights issue of , people cited above said.

Bharti Telecom is the parent company of Bharti Airtel. It is owned 50.56% by Bharti Enterprises Holding and 49.44% by Singtel Group.

Fund houses invested through various growth and income schemes. Kotak MF and Aditya Birla Sun Life MF made the maximum investment of ₹300 crore each, one of the sources said.

Nippon Life MF invested ₹245 crore, HDFC Short Term Debt Fund and Axis MF schemes ₹150 crore each, and ICICI Prudential MF ₹100 crore.

PNB Gilts and Reliance General Insurance subscribed bonds worth ₹85 crore and ₹50 crore, respectively, the person said.

Bharti Airtel, Kotak MF, HDFC MF, Axis MF, Aditya Birla Sun Life MF, Nippon India MF, PNB Gilts and Reliance General Insurance did not respond to requests for comment as of press time Tuesday. ICICI Prudential MF declined to comment.

According to stock exchange disclosures, Bharti Telecom on October 20 raised three series of unsecured non-convertible debentures of ₹460 crore each.