“The company will meet global fixed income investors on or after February 23, following which and subject to market conditions, it will take a final decision w.r.t. issuance of foreign currency bonds/ notes, and a deal may or may not follow,” Airtel stated in an change submitting Monday.
It added that “subject to such final decision, a duly authorised special committee of directors may meet anytime on or after two working days to consider the issuance and its detailed terms and conditions”.
Airtel shares closed 1.76% decrease at Rs 570.70 on the BSE on Monday.
Earlier this month, Airtel’s board had reviewed the telco’s routine financing/ re-financing methods, together with any market maturities sooner or later, and accepted elevating of funds as and when deemed applicable, vide issuance of secured/unsecured, listed/ unlisted non-convertible debt securities together with debentures, bonds and so on upto Rs 7,500 crore (or in equal overseas forex) in a single or extra tranches from time to time, throughout the limits of Section 180(1)(c) of the Companies Act, 2013 and topic to all regulatory/ statutory approval(s).
Airtel’s newest fundraise plans come after the Sunil Mittal-led telco returned to the black by posting an Rs 854 crore web revenue within the December quarter after six straight quarters of losses, on the again of a one-time achieve associated to the latest merger of Bharti Infratel and Indus Towers and powerful addition of cell broadband customers that led to document income.
Airtel additionally added 14.2 million customers – essentially the most in 4 quarters – and subscribers moved to higher-paying plans, serving to drive up common income per person (ARPU) to a three-year excessive of Rs 166, from Rs 162 in July-September.
India’s second-largest telco has already raised some $8 billion within the final couple of years. The newest fund increase plans come after the telco lately demonstrated stay 5G providers on its 4G community utilizing the 1800 Mhz band and stated it may possibly commercially launch 5G with current 4G airwaves in a number of months, taking the battle over the next-generation providers headlong with rival, Reliance Jio.
Airtel additionally owes the federal government practically 26,000 crore as adjusted gross income (AGR) dues.