Photo: ReutersNew Delhi: Bharti Airtel Ltd on Monday said its board has approved a plan to raise as much as Rs16,500 crore by selling non-convertible debentures and foreign currency bonds to refinance borrowings and pay spectrum-related dues to the government. According to a Mumbai-based analyst, the borrowing does not fundamentally change anything for Bharti Airtel, and the company is merely refinancing debt. Bharti Airtel’s consolidated net debt also increased to Rs91,714 crore as of 31 December from Rs91,480 crore in the previous quarter. Airtel recently announced that Singapore Telecommunications Ltd will indirectly raise its stake in it by investing Rs2,649 crore in Bharti Telecom Ltd, the promoter firm, through a preferential allotment of shares. Airtel last year also said it may sell a controlling stake in tower arm Bharti Infratel Ltd. Bharti Airtel and its wholly owned arms own 53.51% in the tower firm at present.

Source: Mint March 12, 2018 10:07 UTC