Bharti Airtel approves issue of debentures to raise Rs 3,000 cr

India's largest telecom operator Bharti Airtel today said its committee of directors has approved the allotment of 30,000 debentures, for raising about Rs 3,000 crore on private placement basis.

The proceeds of the issue would be used for general corporate purpose including routine treasury activities and refinancing of existing debt and spectrum liabilities, the company said in a regulatory filing.

"...we hereby inform that within the authority of the special resolution passed by the shareholders of the company through postal ballot on March 14, 2017, the committee of directors...has approved the allotment of 30,000 listed, unsecured, rated, redeemable, non-convertible debentures of face value Rs 10 lakh each, at par aggregating to Rs 3,000 crore on private placement basis," the company said.

This will be allotted via two series of Rs 1,500 crore each, it added.

The Series I will carry a coupon of 8.25 per cent per annum payable annually, and Series II of 8.35 per cent, per annum payable annually.