Fri. Mar 29th, 2024
Bharti Airtel

The Bharti Airtel board will meet on March 12 to consider raising funds via debt instruments, including bonds, which will help fund its capex plans aimed at bolstering 4G networks to fight Reliance Jio .

The Sunil Mittal-led telco in a regulatory filing to BSE late Wednesday evening said that the funds could be raised via “issuances of secured/unsecured, listed/unlisted , non-convertible-debentures, bonds or such other similar debt instruments either denominated in Indian rupees or in a foreign currency”.

As on December 31, 2017, the company’s consolidated net debt stood at Rs 91,714 crore higher than Rs 91,480 crore in the previous quarter.
Airtel has closed trading window for dealing in the securities of the company from March 1 to 14, 2018 to prevent insider trading, as per the statement.
Shares of Airtel today closed at Rs 403.4 a unit, down by 2.53 per cent compared to previous close at BSE today.
More recently, Singapore Telecommunications (SingTel), the largest shareholder in Bharti Airtel, invested Rs 2,649 crore in the company. Bharti group chairman
Sunil Mittal had said SingTel’s investment even in this otherwise difficult environment in the Indian telecom industry, depicted its absolute confidence in Airtel and that it stands behind it like a rock”Bharti Airtel is not the only one aiming to reduce debt. Recently Kumar Mangalam Birla-owned Idea Cellular is raising Rs 6,750 crore to cut debt and free up cash ahead of its upcoming merger with Vodafone India.