Airtel to raise Rs 11,150cr through multiple bond issuances, invited bids

Bharti Telecom Ltd., owned by billionaire Sunil Bharti Mittal, Bharti Airtel is seeking to raise as much as 111.5 billion rupees ($1.33 billion) in the local-currency bond market.

The company will seek bids on Nov. 4 for the six-part notes due in three to 10 years, with the longer end bonds offering a coupon of 8.9%, according to the key information document for the debt sale. If successful, it will be Bharti Telecom’s largest-ever rupee issuance, according to data compiled by Bloomberg.

The borrowing is coming days after India’s second-largest wireless carrier Bharti Airtel Ltd., in which Bharti Telecom is the largest shareholder, reported a quarterly profit that trailed analysts estimates due to foreign exchange losses.

The issuance is also Bharti Telecom’s first onshore debt sale this year, after raising 80 billion rupees through three-part notes in December 2023, data compiled by Bloomberg shows. Standard Chartered Plc and Barclays Plc are arrangers on the deal, according to the document. Bloomberg