Bharti Airtel to raise Rs 165 bn to refinance debt and pay for spectrum

The telecom major has a consolidated net debt to the tune of Rs 917.14 bn at the end of Dec 2017

The board of Bharti Airtel has approved raising of about Rs 165 billion through a mix of issuing non-convertible debentures (NCDs) and foreign currency bonds that will be used for refinancing of existing debt and spectrum liabilities.

As per a regulatory filing by the company, the board has approved "issuance of NCDs of up to Rs 100 billion on a private placement basis in such tranches/series and at such rates as may be approved from time to time on cumulative basis along with all NCDs issued by the company," the filing said.

Also, it added foreign currency bonds up to a limit of