Bharti Airtel has moved higher 4% at Rs 308, bouncing back over 6% from intra-day’s low, after the telecom services provider said it has reduced debt of over Rs 6,700 crore, which will result in an improvement in the capital structure and balance sheet leverage for the company.
“The company has retired equivalent debt from the proceeds of Rs 6,796 crore of the preferential allotment in June 2013 of 5% equity shares in Bharti Airtel at Rs 340 per share to Qatar Foundation Endowment,” Bharti Airtel said in a BSE filing.
Bharti Airtel noted that this significant debt reduction will result in an improvement in the capital structure and balance sheet leverage for the company.
In June 2013, Bharti had issued nearly 200 million new equity shares, representing 5% equity stake in the company, to Qatar Foundation Endowment for a total consideration of Rs 6,796 crore, it added.
Bharti Airtel has a consolidated debt of over Rs 60,000 crore on its books.
The stock opened at Rs 293 and touched a low of Rs 290 in early morning deals on NSE. A combined around 1.89 million shares have changed hands on the counter so far on NSE and BSE.
“The company has retired equivalent debt from the proceeds of Rs 6,796 crore of the preferential allotment in June 2013 of 5% equity shares in Bharti Airtel at Rs 340 per share to Qatar Foundation Endowment,” Bharti Airtel said in a BSE filing.
Bharti Airtel noted that this significant debt reduction will result in an improvement in the capital structure and balance sheet leverage for the company.
In June 2013, Bharti had issued nearly 200 million new equity shares, representing 5% equity stake in the company, to Qatar Foundation Endowment for a total consideration of Rs 6,796 crore, it added.
Bharti Airtel has a consolidated debt of over Rs 60,000 crore on its books.
The stock opened at Rs 293 and touched a low of Rs 290 in early morning deals on NSE. A combined around 1.89 million shares have changed hands on the counter so far on NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%