Industry

Bharti Airtel board approves raising up to $4 billion

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The board for now has given its go-ahead to raise up to $3 billion and has also approved raising an additional $1 billion

Telecom operator Bharti Airtel’s board on Wednesday approved raising $4 billion through equity dilution and debt funding. The board for now has given its go-ahead to raise up to $3 billion and has also approved raising an additional $1 billion, an official said.

The board has given its approval to raise $2 billion through “one or more qualified institutional placement, public and/or private offerings of equity shares, compulsory convertible debentures/other convertible securities/warrants/ADR/GDR or a combination thereof,” according to a regulatory filing.

The company has received an approval to raise $1 billion through foreign debt instrument and another $1 billion through issuance of “unsecured and/or secured, listed and/or unlisted, redeemable non-convertible debentures along with warrants or other similar security denominated in Indian National Rupee or combination thereof in one or more tranches”, the filing said.

Apart from $2 billion, the overall issuance for now shall be up to $1 billion, thereby totalling to $3 billion, it added.

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Printable version | Dec 10, 2019 3:43:12 PM | https://www.thehindu.com/business/Industry/bharti-airtel-board-approves-raising-up-to-4-billion/article30163859.ece

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