Bharti Airtel plans to raise $1 billion through bond issue

By: |
Updated: October 2, 2019 6:44:28 AM

The company has not shared the amount which will be raised through the bonds issue but sources said it could be anywhere between $750 million to $1 billion.

The proceeds will be used to pare debt, which stood at Rs 1.16 lakh crore as in June 2019.

Bharti Airtel is planning to raise funds to the tune of $1 billion by issuing bonds through its fully-owned subsidiary Network i2i. The proceeds from the bonds issue will be utilised to pare debt.

The company has appointed BofA Merrill Lynch, Barclays, BNP Paribas, Citigroup, HSBC, JP Morgan and Standard Chartered Bank as joint bookrunners and joint lead managers to organise a series of fixed income investor meetings or calls across Asia, Europe and the United States, starting Wednesday.

The company has not shared the amount which will be raised through the bonds issue but sources said it could be anywhere between $750 million to $1 billion. If the demand is extremely good, the company may even go up to $1.5 billion.

The sources further said that the final figure will be arrived at based on the sentiment of the market. The proceeds will be used to pare debt, which stood at Rs 1.16 lakh crore as in June 2019.

The company has been raising capital as it prepares to participate in the upcoming spectrum auctions. Even if the company decides not to buy 5G spectrum, it has to get airwaves for its 4G operations and its licences in some circles are expiring in the next few years.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1OnePlus sold products worth Rs 500 crore during two days of Amazon sale
2Nitin Gadkari launches Khadi and Village Industries products on Gandhi Jayanti eve
3Airtel cuts ring time to match Reliance Jio move; telco wars heat up