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Friday, December 13, 2019

Airtel board clears plan to raise $3 billion

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.

By: ENS Economic Bureau | Mumbai | Updated: December 5, 2019 3:51:26 am
Bharti Airtel, Airtel, Airtel debt, Bharti Airtel shares, Bharti airtel profit, indian express The company proposes to raise billion through sale of shares and convertible bonds. (Representational image, source: Reuters)

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

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