Bharti Airtel raises $1.25 billion via overseas bonds, gains 1.68%
Bharti Airtel raised $1.25 billion through the issue of senior and perpetual overseas bonds. The offer received bids worth $2.5 billion.
10.25-year senior bonds were issued by the company worth $750 million at a yield of 18.75 basis points and $500 million worth 5.25-year perpetual bonds by Network i2i, a wholly-owned subsidiary of the company.
The issue was highly oversubscribed by several Asian, European, and American funds. The company plans to use the proceed towards capital expenditure, repayment of existing indebtedness, and/or any other purpose.
Airtel has already raised $8 billion in the last couple of years. The company owes around Rs 26,000 crore as adjusted gross revenue (AGR) dues to the government.