Bharti seeks to raise euro 1 billion by reopening bond issue

Tags: Bharti, News
Ahead of spectrum auction, telecom major Bharti Airtel is in talks with investors to mop up a total Euro 1 billion by re-opening its euro 750 million bond offering, which received tremendous response last month.

"Bharti Airtel is looking to raise total of 1 billion euro (about Rs 8,400 crore) from EUR bond. It has already raised Euro 750 million in December from these notes," an industry source told PTI.

A Bharti Airtel spokesperson declined to comment on the development.

The Indian telecom major today announced that "Bharti Airtel International (Netherlands) BV, a wholly owned subsidiary of Bharti Airtel Limited has approached investors for the re-opening of EUR 750mn 4 per cent Senior Notes Due 10 December 2018."

In December 2013, the Sunil Mittal led firm had raised euro 750 million (about Rs 6,350 crore) in the first such bond issue by an Indian corporate and received bids worth euro 3.8 billion.

In terms of geographic distribution, the notes were distributed 38 per cent in the UK, 18 per cent in Germany and Austria, 35 per cent collectively in France, Switzerland, Scandinavia and Netherlands and other European countries and 9 per cent in Asia.

Bharti Airtel's move to raise fresh funds comes about three weeks before start of spectrum auction in which the company may have to bid for frequencies in 900 Mhz band that it uses in Delhi and Kolkata for mobile services and where its licences are expiring in November this year.

In March 2013, the company had raised $ 1.5 billion in overseas debt in two tranches.Bharti Airtel had net debt of Rs 60,877 crore in September 2013.

Shares of the company closed at Rs 331.25 apiece, up 0.2 per cent, at BSE today.

EDITORIAL OF THE DAY

  • India cannot afford to ignore the looming Greek crisis

    The crisis in Greece may not have a direct bearing on the Indian economy because the trading or banking exposure of Indian companies to that nation is

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Arun Kumar Jain

A complex challenge for our PSUs

Till the mid-1990s, the central government and its companies were ...

Kuruvilla Pandikattu SJ

The transforming qualities of love

The 2015 Templeton Prize has been awarded to Canadian thinker ...

Dharmendra Khandal

The one in which a blue whale was washed ashore

Quite unexpectedly, a gigantic blue whale was washed ashore at ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture