Bharti Airtel set to raise Rs 16.5k cr

Share
Bharti Airtel set to raise Rs 16.5k cr

Bharti Airtel Ltd on Monday said its board has approved a plan to raise as much as Rs16,500 crore by selling non-convertible debentures and foreign currency bonds to refinance borrowings and pay spectrum-related dues to the government.

The board of the company approved "issuance of non-convertible debentures (NCDs) of up to Rs 10,000 crore on a private placement basis" and "issuance of foreign currency bonds up to a limit of Dollars 1 billion or equivalent in one or more tranches", Airtel said in a regulatory filing.

The company will now approach shareholders for final approval of the proposed funds.

In December a year ago, United States private equity giant Warburg Pincus acquired a 20 per cent stake in Bharti Telemedia Ltd, the DTH arm of Airtel, for around Rs 2,310 crore. During the day, it soared 5.68 per cent to Rs 424.80.

"Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board in its meeting held on March 12, 2018, has approved the transfer of 19 per cent equity shares of Bharti Telemedia Limited ('Telemedia'), a subsidiary Company to Nettle Infrastructure Investments Limited, a wholly owned subsidiary company", the release to the BSE stated. "The latest net asset value of each Subscription Share, based on BTL's Indian GAAP standalone management accounts as of 31 December 2017 was approximately INR23.8 and accordingly, the aggregate net asset value of the Subscription Shares is approximately $40.7m (INR2b)".

In its exercise to reduce debt and take on the intense competition of Reliance Jio, Airtel is on a fundraising spree. Meanwhile, its rival Idea Cellular too raised funds to build a war chest for the battle in the telecom sector.

Share

Advertisement

Related Posts

Fashion legend Hubert de Givenchy dies, aged 91
In 1995, he retired from fashion but remained active as an antiques expert for Christie's, the Louvre museum and Versailles. Mr Givenchy as confirmed by his longtime partner and companion Philippe Venet, died in his sleep in their home near Paris .

Volkswagen Announces Invasion of Electric Vehicles by 2022
The Volkswagen Group is expanding its production of electric vehicles to 16 locations around the globe by the end of 2022. In terms of operating profit, an operating return on sales of between 6.5 and 7.5 percent is anticipated.

This royal family member just started a personal Instagram account
She has uploaded images of her with her fiance Jack Brooksbank, showing the pair of them gazing at her engagement ring. Her blog, The Tig , with so much juicy information on Markle's private life, gone.

Stem Cell Cryopreservation Equipments Market size Estimation 2018 to 2025
This Overview Includes Diligent Analysis of Scope, Types , Application , Sales by region, manufacturers , types and applications. The bacterial cell culture market can be segmented into types , instruments, applications , consumables, medium and region.

Analyst Research and Recommendations: Lam Research Corporation (LRCX), GDS Holdings Limited (GDS)
It is positive, as 38 investors sold BAX shares while 300 reduced holdings. 42 funds opened positions while 50 raised stakes. Is the Stock Overbought or Oversold? Nomura upgraded Lam Research Corporation (NASDAQ:LRCX) rating on Thursday, December 7.

LS deadlock continues, Finance Bill not taken up
As soon as the House reassembled in the afternoon, some TDP and Congress members came near the Chair's podium holding placards. They speak outside on democracy but don't practice it in Parliament.

ICE Spokesman Quits, Bashes Trump Administration On Immigration Raids
The Oakland mayor said in response to the former spokesman speaking out, "I commend Mr. Schwab for speaking the truth while under intense pressure to lie".

Longtime Trump aide fired over security clearance issue
John McEntee, a personal assistant to President Donald Trump , was sacked and escorted from the White House on Monday. McEntee, 27, walked on at UConn and was the Huskies' starting quarterback in 2011, leading the team to a 5-7 record.

Ken Dodd: Light has gone out of our lives, says Shropshire superfan
The flags at the Town Hall, St George's Hall, Cunard Building and Central Library will fly at half-mast as a mark of respect. Tears and Love is like a Violin. "Beloved by many people in Britain and a great champion of his home city and comedy".

National Asset Management Inc. Increases Position in Amazon.com, Inc. (NASDAQ:AMZN)
It dropped, as 73 investors sold AMZN shares while 549 reduced holdings. 127 funds opened positions while 657 raised stakes. It dived, as 4 investors sold STN shares while 29 reduced holdings. 57 funds opened positions while 236 raised stakes.

© 2015 ExpressNewsline. All Rights reserved.