AGR dues: Bharti Airtel seeks shareholders nod to raise $3 billion

Telecom operator Bharti Airtel on Tuesday said it has sought shareholders' approval for raising $2 billion in equity and another $1 billion in debt to pay for statutory dues arising out of a recent Supreme Court ruling.

Through an Extraordinary General Meeting (EGM), it sought approval to raise $2 billion through qualified institutional placement, public issue, preferential shares or private placement. The remaining up to $1 billion are sought to be raised through Foreign Currency Convertible Bonds (FCCB) or debentures, the company said in an EGM notice.

The EGM will be held on January 3, 2020.

"The aggregate amount of proceeds in one or more issuances or tranches shall not exceed overall limit of USD 4 billion or its equivalent in Indian rupees or in other currency out of which, an amount up to $3 billion shall be raised by the company on immediate basis...," the notice said.

Last week, the company announced that its board has approved raising $4 billion through equity dilution and debt funding.