Airtel to raise Rs16,500 crore for refinancing debt, spectrum payment

Airtel will now approach shareholders for final approval on the proposal to raise debt

The country's largest telecom operator on Monday said it has received approval from the board to raise up to Rs 10,000 crore through the issue of non-convertible debentures and up to $1 billion through foreign currency bonds.

The board approved the issue of foreign currency bonds of up to $1 billion (Rs 6,482 crore) and sought fresh shareholder approval for issuance of non-convertible debentures of up to Rs 10,000 crore on a private-placement basis, the company said in a release to the BSE. The development assumes importance in the wake of intense competition in the telecom sector triggered by the entry of a new player Reliance Jio.

According to a Mumbai-based analyst, the borrowing does not fundamentally change anything for Bharti Airtel, and the company is merely refinancing debt. "Any funds if raised from the issuance of such debt securities would be used for routine treasury activities including refinancing of existing debt and spectrum liabilities", the company said.

Kolkata: Singapore Telecommunications (Singtel) has concluded its Rs 2,649 crore investment in Bharti Telecom, taking its total stake (including affiliates) in the holding company of Bharti Airtel to 48.90% from earlier 47.17%.

Shares of the company jumped 4.68 per cent to end at Rs 420.75 on BSE.

In December previous year, USA private equity giant Warburg Pincus acquired a 20 per cent stake in Bharti Telemedia Ltd, the DTH arm of Airtel, for around Rs 2,310 crore.

The company, which is already mulling an initial public offering for the African unit, has also taken several steps as part of its debt-reduction spree. In December 2017, Bharti Airtel had agreed to sell 20 per cent equity stake in Bharti Telemedia to Warburg Pincus for approximately $350 million.

Earlier, Airtel had pared stake in tower arm Bharti Infratel.

Related News:

  • Final episode deaths CONFIRMED 'One by one they fall'

    Final episode deaths CONFIRMED 'One by one they fall'

    Pictures have also surfaced of a £1m castle set being built in Belfast , so expect this final season to be big. Amazon is not paying for the travel, which is somewhat of a disgrace and Amazon needs to know that.
    Opening ceremony of Winter Paralympics 2018

    Opening ceremony of Winter Paralympics 2018

    The athletics lineup includes alpine skiing, biathlon, cross-country skiing, ice hockey, snowboarding and wheelchair curling. They will compete as individuals because Russian Federation is banned from the Games, due to a doping scandal.

    American Idol 2018 Premiere Recap: Watch Audition Videos & Highlights

    Benjamin started his performance a bit flustered by the unplanned kiss, and all three judges declined to send him to Hollywood. Her audition is a memorable one as she wears a black "Rebel" t-shirt, white short-shorts, and knee-high velvet boots.
  • INEC Wants The Creation Of Commission To Punish Electoral Offenders

    INEC Wants The Creation Of Commission To Punish Electoral Offenders

    Lagos chapter on Tuesday appealed to the National Assembly to fast-track passage of the National Electoral Offences Commission bill.
    Bears expected to sign tight end Trey Burton to four-year deal

    Bears expected to sign tight end Trey Burton to four-year deal

    It's obvious the Bears value Burton's versatility, which he first put on display during his career at Florida. Burton is coming off consecutive solid seasons operating as Zach Ertz's backup with the Philadelphia Eagles .

    Putting Boeing Company (BA) Under the Microscope: Stock Ticks

    American Electric Power Company ( AEP ) shares are on chartist's watch as the stock is edging above the MACD Histogram zero line. Frontier Investment Mgmt Company increased American Electric Pwr Co Inc ( AEP ) stake by 7.26% reported in 2017Q3 SEC filing.
  • Bills to sign Panthers DT Star Lotulelei when free agency opens

    Bills to sign Panthers DT Star Lotulelei when free agency opens

    A first-round pick in the 2014 NFL Draft, Lotulelei has been with the Carolina Panthers for the first five years of his career. Bills General Manager Brandon Beane was in the Carolina front office when Lotulelei was drafted in the first round in 2013.
    Startup Company To Build 3D Print Homes For $10000

    Startup Company To Build 3D Print Homes For $10000

    A trial run: The first home constructed using ICON's technology is being unveiled at SXSW in Austin , Texas, today. The industrial-sized printer can create houses for $10,000 but is aiming to decrease that price to just $4,000.
    Secretary Of State Rex Tillerson Fired, Replaced By CIA Director Mike Pompeo

    Secretary Of State Rex Tillerson Fired, Replaced By CIA Director Mike Pompeo

    Last week , it looked like Mr Tillerson was unaware of the President's plan to meet North Korean leader Kim Jong-un. Potential talks with North Korea were apparently the catalyst for booting Rex Tillerson from the State Department.
  • Here's the Manchester United squad set to face Sevilla tonight

    Here's the Manchester United squad set to face Sevilla tonight

    It is a very important game for us. "It's a big comp, it would be the first time in 60 years for us to get through to this stage".
    Grab to offer loans, insurance with new fintech platform Grab Financial

    Grab to offer loans, insurance with new fintech platform Grab Financial

    These financial services will fall under a new dedicated unit created by the rideshare, called Grab Financial Services Asia . What's new with Grab Financial is the addition of loan and insurance services to individuals around in Southeast Asia.
    Colts likely to miss out on signing WR Allen Robinson

    Colts likely to miss out on signing WR Allen Robinson

    Trubisky had a solid season for the Bears past year , completing 59.4 percent of his passes for 2,193 yards and seven touchdowns. This signing will be tied directly to the evaluation of Pace in his fourth season with his second head coach and a 14-34 record.


Most liked

'Moderate' spring hiring expected in Cornwall: Manpower
Employer confidence remains resilient and job seekers are expected to benefit from a favorable second-quarter hiring climate. Similarly, employers in the Services sector report a decline of three percentage points compared to the same period in 2017.

Opposition says govt trying to bulldoze finance bill without discussion
However, the members in the Well, including those from TDP and AIADMK, continued to raise slogans and displaying placards. Watch News Nation's special show Super 50 to stay updated with all the latest news all over the world.

Markets Right Now: A mixed finish for U.S. stock indexes
Zhong Shan gave no indication Beijing planned to make good on earlier threats to retaliate following U.S. Brent crude, used to price global oils, shed 76 cents, or 1.2 percent, to $64.73 a barrel in London.

Kim Kardashian West Says She Doesn't Want More Than Four Kids
In the interview, Kardashian West also opened up about what led her to have Chicago via gestational surrogacy. The latest edition of Elle Magazine featuring cover girl Kim Kardashian is now on newsstands.

Driver was killed when bus crashed into ravine
He also said officials from the National Transportation Safety Board were on their way to the crash scene. CDT (1030 GMT) on Interstate 10 between Mobile, Alabama, and Pensacola, Florida, Lowery said.

Larry Page's Air Taxi Takes Flight
Kitty Hawk is led by Sebastian Thrun, a former Google scientist who worked on the company's self-driving cars and Google Glass. Like Kitty Hawk's Cora , many rely on drone technology and vertical takeoff and landing, so they don't need a runway.

Donald Trump's Personal Assistant Is Under Investigation for 'Serious Financial Crimes'
Senior administration officals told the Wall Street Journal on Tuesday that McEntee was escorted out of the White House on Monday. McEntee was a well-known player and the video has been viewed seven million times on YouTube , according to the Hartford Courant.

'Millennials' rail card for 26-30s launches trial period
Demand for the railcard has been high since it went on sale on Tuesday morning, with the official website crashing under the strain.

Fitbit Versa: Meet the New $200 Rival of the Apple Watch
More importantly, it is also missing Fitbit Pay, which is not widely available yet in any case, but maybe more felt in the future. With the growing rates of obesity in children, Fitbit believes that Ace is a great way to teach children healthy habits.

United Nations investigator blames Facebook for spreading hate against Rohingyas
There have been many harrowing testimonies of executions and rapes by Myanmar security forces. Human Rights Council this week that "incitement to violence" is "rampant" and "unchecked".

Jhene Aiko Dispels Big Sean's Cheating Rumour
The Twittersphere went nuts: However, shortly after midnight Aiko took to Twitter to swiftly and coolly dispel the rumors. The alleged infidelity was made all the more tragic since Aiko got Big Sean's face tattooed onto her arm previous year .

Spring Statement: Hammond announces 27000 new affordable homes in London
Hammond said real wage growth was expected to run positive from the first quarter of 2018/19, and would be "steady thereafter". Borrowing is now forecast to be £45.2 billion this year, £4.7 billion lower than forecast in November.

Vu calls Xiaomi low-end brand; Claims Sony, Sharp are real competitors
The new Mi TV 4A series will be targeted towards lower segment and is also "more accessible", according to the Chinese company. The 43-inch variant is priced at Rs 36,999, while the 49-inch and 55-inch are priced at Rs 46,999 and Rs 55,999 respectively.

Sukma: Names of 9 CRPF Personnel Martyred in IED Blast
The attack comes almost 11 months after 25 CRPF jawans were killed by a gang of nearly 300 Naxals at a construction site in Sukma. The injured personnel were being rescued from the spot and airlifted to the State capital.

SC extends Aadhaar linking deadline for all services till constitution bench's verdict
However, it is still mandatory to link your welfare schemes with Aadhaar to get benefits under Article 7 before the deadline. The apex court is now in the process of hearing a clutch of petitions that challenge the validity of the Aadhaar scheme.