The Bharti Airtel board on Wednesday cleared a proposal to raise $3 billion as the company prepares for a scenario where it needs to pay Rs 35,586-crore adjusted gross revenue (AGR) dues by January 24, 2020.
The company proposes to raise $2 billion through sale of shares and convertible bonds. Another $1 billion would be raised through issuance of unsecured and/or secured, listed and/or unlisted, foreign currency convertible bonds (FCCBs) or other similar security denominated in foreign currency, or a combination thereof. The funds would be raised in one or more tranches on private placement basis or otherwise.
The firm may also issue unsecured and/or secured, listed and/or unlisted, redeemable non-convertible debentures along with warrants or other similar security denominated in rupee or combination thereof in one or more tranches for raising this money.—FE