The telco s imminent move is the likely trigger for its key promoter company, Bharti Telecom (BTL), to set in motion plans to raise around 8,000 crore (under $1 billion) in multiple tranches via NCDs (non-convertible debentures). "BTL, which owns 38.75% in Airtel, is likely to use the funds raised to subscribe to its balance entitlement in the telco s near 21,000-crore rights issue that had closed just over two years ago," a person aware of the matter told ET.
The company is expected to seek bids this week for notes due in two-, three- and five years, the people said, who asked not to be identified as the details are private. If the deal goes through, it will be Bharti Telecom’s largest ever rupee issuance, according to data compiled by Bloomberg.
The company is expected to seek bids this week for notes due in two-, three- and five years, the people said, who asked not to be identified as the details are private. If the deal goes through, it will be Bharti Telecom’s largest ever rupee issuance, according to data compiled by Bloomberg.
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