Bharti Airtel board has agreed to raise Rs 7,500 crore through debt instruments
New Delhi:
The board of telecom operator Bharti Airtel on Tuesday authorized the raising of Rs 7,500 crore through debt instruments.
The board of directors has also authorized the special committee of directors to decide (based on market conditions) on all matters related to such issuance of securities, including the finalization and approval of the terms and conditions, the amount of the tranche and the timing.
In a regulatory filing, Airtel said its board of directors reviewed the company’s routine financing and refinancing strategies, including any market maturity dates, at its meeting on Tuesday.
It has “granted authorizing approvals for such refinancing of debt instruments (if and when deemed appropriate) through the issuance of secured or unsecured, publicly traded or unlisted non-convertible debt securities including debentures, debentures etc. up to Rs 7,500 crores (or in equivalent foreign currency) in one or more tranches from time to time…subject to all applicable regulatory or statutory approvals,” the company said.
Last month, Bharti Airtel announced that tech titan Google will invest a whopping $1 billion in the company to acquire a 1.28 percent stake and scale up the offerings of India’s second-largest mobile phone operator.