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Bharti Airtel to raise up to $3 billion

The board also authorised the special committee of directors.

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MUMBAI: The board of directors of telecom player Bharti Airtel Ltd approved the telecom operator’s proposal to raise up to $3 billion in account of the issue of overdue fees it owes the government.

According to a filing with the stock exchange, the company will raise funds worth $2 billion through one or more qualified institutions placement, public and/or private offerings of equity shares, compulsory convertible debentures or other convertible securities or warrants or American depositary receipts (ADR) global depositary receipts ( GDR) or a combination.

Airtel will also raise funds through issuance of unsecured and/or secured, listed and/or unlisted, foreign currency convertible bonds (FCCBs) or other similar security denominated in foreign currency (ies) or a combination aggregating up to $1 billion.

The board also authorised the special committee of directors for taking necessary steps for implementing the aforesaid proposals. Airtel reported a consolidated net loss of Rs 230.45 billion rupees ($3.21 billion) for the September quarter. According to media reports, Airtel owes $13 billion to the department of telecommunications (DoT).

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