Airtel to raise Rs 16500 crore for refinancing debt, spectrum payment

Airtel to raise Rs 16500 crore for refinancing debt, spectrum payment

The earlier shareholders' nod to raise NCDs up to Rs 10,000 crore is valid till March 12, 2018, which is why the company plans to take a fresh approval from shareholders, according to the BSE filing.

Telecom major Bharti Airtel on Monday received approval from its board to raise up to Rs 16,500 crore for refinancing debt, and paying for spectrum liabilities.

The company will now approach shareholders for final approval of the proposed funds. "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.

For the quarter ended 31-12-2017, the company has reported a Consolidated sales of Rs 20318.60 Crore, down -6.70 % from last quarter Sales of Rs 21776.90 Crore and down -12.93 % from previous year same quarter Sales of Rs 23335.70 Crore Company has reported net profit after tax of Rs 335.10 Crore in latest quarter.

US consumer prices rise modest 0.2% in February
The higher than expected rate was driven largely by the increase in the cost of food items, which shot up by 0.87% Month-on-Month. Indexes that declined over the past year include communication, new vehicles, airline fares, and used cars and trucks.

Analysts said re-financing this debt would give the Sunil Mittal-led company more room to compete against Jio.

Bharti Airtel shares were up 0.51% at Rs 422.90 on BSE in early afternoon trade. In December 2017, Bharti Airtel had agreed to sell 20% equity stake in Bharti Telemedia to Warburg Pincus for approximately $350 million. Through its wholly owned subsidiary Nettle Infrastructure Investments Ltd, Airtel divested 83 million shares of Bharti Infratel through a secondary share sale in the stock market for over Rs 3,325 crore.

Bharti Telemedia, which provides DTH service under Airtel Digital TV brand, had a turnover of Rs 3435.8 crore in FY17 comprising 6% of Airtel total revenue.

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