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Bharti Airtel board approves Rs 10000-cr NCD issue

Bharti Airtel board approves Rs 10000-cr NCD issue

Bharti Airtel plans to issue non-convertible debentures worth up to Rs 3,000 crore on a private placement basis, the company said in an exchange filing late on Thursday. "Any funds if raised from the issuance of such debt securities would be used for routine treasury activities including refinancing of existing debt and spectrum liabilities", the company said.

The country's largest telecom operator has in the last one year announced several measures to trim debt and defend its business under an onslaught from newest entrant Reliance Jio.

The NCDs, according to a company filing with the BSE, will be issued in "such tranches/series and at such rates as may be approved from time to time on a cumulative basis". "The latest net asset value of each Subscription Share, based on BTL's Indian GAAP standalone management accounts as of 31 December 2017 was approximately INR23.8 and accordingly, the aggregate net asset value of the Subscription Shares is approximately $40.7m (INR2b)".

Russian businessman and friend of Putin critic Boris Berezovsky reportedly found dead
Last March, he was charged with allegedly defrauding Aeroflot of $122 million and was sentenced to eight years in jail. In the 1990s, Glushkov worked for the state airline, Aeroflot , along with Berezovsky's LogoVaz vehicle company.

At the meeting, the board also approved the transfer of 19 per cent equity stake in its direct-to-home (DTH) subsidiary Bharti Telemedia, which provides DTH services under the Airtel Digital TV brand, to Nettle Infrastructure Investments, a subsidiary company. Bharti Airtel had recently increased its capital expenditure guidance for this fiscal to Rs 25,000 crore from Rs 20,000 crore earlier.

The company, which is already mulling an initial public offering for the African unit, has also taken several steps as part of its debt-reduction spree.

Earlier, Bharti Airtel raised funds from its tower subsidiary Bharti Infratel. Post the news, shares of Bharti Airtel rose almost 5 per cent and its stock jumped 4.68 per cent to end at Rs 420.75 on BSE. The promoters of Idea-Birla TMT, Elaine Investments, Oriana Investments-have already invested Rs3,250 crore to strengthen its balance sheet amid intense competition and before a planned merger with Vodafone India Ltd.


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