Telecom major Bharti Airtel plans to raise up to ₹3,000 crore through non-convertible debentures for refinancing debt and meeting spectrum liabilities.
A meeting of 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 ₹3,000 crore”, the company said in a BSE filing.
Besides, the board will meet on Monday to consider fund raising opportunity for the company.
Referring to both the proposed meetings, a Bharti Airtel spokesperson said: “It is clarified that the Company is seeking approvals in the usual course of business. Any funds raised under such approvals, if granted, are to be used for routine treasury activities including refinancing of debt and spectrum liabilities.”
As on December 31, 2017, the company’s consolidated net debt stood at ₹91,714 crore.
Shares of Bharti Airtel closed 0.19 per cent higher at ₹401.95 apiece on BSE.