Airtel plans to raise Rs 3000 cr via non-convertible debentures
Bharti Airtel's board of directors has approved a plan to raise about Rs 16,500 crore through debt, including a fresh issue of $1 billion in overseas bonds, to help refinance loans and pay for spectrum. Such tranches/ series and at such rates may be approved from time to time on cumulative basis along with all NCDs issued by the company.
Separately, the company informed exchanges that its board had on Monday approved the transfer of 19% equity shares of DTH arm, Bharti Telemedia, to Nettle Infrastructure Investments Ltd, a wholly-owned unit of Bharti Airtel. "Any funds raised under such approvals, if granted, are to be used for routine treasury activities including refinancing of debt and spectrum liabilities", a spokesperson for Bharti Airtel said in a statement on March 9.
According to a Mumbai-based analyst, the borrowing does not fundamentally change anything for Bharti Airtel, and the company is merely refinancing debt.
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Airtel's consolidated net debt stood at Rs 91,714 crore as of December 31, 2017 and its quarterly net profit has gone down in the on-going tariff war. Airtel recently announced that Singapore Telecommunications Ltd will indirectly raise its stake in it by investing Rs2,649 crore in Bharti Telecom Ltd, the promoter firm, through a preferential allotment of shares.
Earlier, Bharti Airtel raised funds from its tower subsidiary Bharti Infratel.
Back in December a year ago, the Bharti group had announced plans to sell a fifth of its DTH arm to an affiliate of global private equity firm Warburg Pincus, for around Rs 2,258 crore ($350 million), with most of the funds being consumed by Bharti Airtel to fight mounting competition from Reliance Jio. During the day, it soared 5.68 per cent to Rs 424.80.
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