To counter Jio, Airtel to raise Rs 165 bn via NCDs, foreign currency bonds

The NCDs of up to Rs 100 bn can be raised in tranches or a series at rates may be approved from time to time

Telecom major Bharti Airtel on Monday received approval from the board to raise up to Rs 165 billion for refinancing debt and paying for spectrum liabilities.

The board of the company approved "issuance of non-convertible debentures (NCDs) of up to Rs 100 billion on a private placement basis" and "issuance of foreign currency bonds up to a limit of $1 billion or equivalent in one or more tranches", Airtel said in a regulatory filing.

The NCDs of up to Rs 100 billion can be raised in tranches or a series at rates may be approved from time to time.

"Any funds if raised