Bharti Airtel plans to raise Rs 3,000 crore; crucial meetings scheduled next week

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Updated: March 9, 2018 7:35:58 PM

Bharti Airtel is planning to raise up to Rs 3,000 crore through non-convertible debentures for meeting spectrum liabilities and refinancing debt, the company said in a BSE filing.

Airtel, Huawe, bharti airtel, 5g, 5g trial, haryana, manesar in haryana, airtel networkBharti Airtel plans to raise Rs 3,000 crore; crucial meetings scheduled next week. (Image: Reuters)

Bharti Airtel is planning to raise up to Rs 3,000 crore through non-convertible debentures for meeting spectrum liabilities and refinancing debt, the company said in a BSE filing. The company will hold two meetings — a Board Meeting on Monday and a committee of directors meeting on Tuesday next week to consider fundraising opportunity for the company.

PTI quoting a spokesperson for the company reported that Sunil Mittal’s company is seeking approvals for fundraising which are to be used for routine treasury activities including spectrum liabilities and refinancing debt. “A meeting of the committee of directors is scheduled on Tuesday, March 13, 2018, to inter-alia consider and subject to market and other conditions, issue listed, unsecured, rated, redeemable, Non-convertible Debentures (NCDs Series I and II) on private placement basis aggregating up to Rs. 3,000 crores,” the company said in a BSE filing.

In another BSE filing, Bharti Airtel informed the exchange that a meeting of Board of Directors of the company will be held on Monday to “opportunistically raise funds including by issuance of secured / unsecured, listed / unlisted, non-convertible debentures, bonds or such other similar debt instrument(s) either denominated in Indian rupees or in foreign currency”.

Meanwhile, on Thursday, the company got the NCLT approval for its proposed merger with Norway’s Telenor. “NCLT has sanctioned the Scheme of amalgamation between Telenor (India) Communications Private Limited and Bharti Airtel Limited and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013,” the company said.

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