Bharti Airtel gets board nod to raise Rs 16500 cr

Airtel will now approach shareholders for final approval on the proposal to raise debt

Shares of Bharti Airtel today rose almost 5 per cent after the company received approval from the board to raise up to Rs 16,500 crore for refinancing debt and paying for spectrum liabilities.

Separately, the company informed exchanges that its board had on Monday approved the transfer of 19% equity shares of DTH arm, Bharti Telemedia, to Nettle Infrastructure Investments Ltd, a wholly-owned unit of Bharti Airtel.

"Any funds if raised from the issuance of aforesaid debt securities shall be used for routine treasury activities including refinancing of existing debt and spectrum liabilities", the filing said.

At NSE, shares of the company climbed 4.82 per cent to close at Rs 421.55. "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)".

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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.

A part of the stake will be utilised for the completion of stake sale in Bharti Telemedia to Warburg Pincus Group.

Mumbai: Bharti Airtel is set to raise as much as Rs 16,500 crore that will give it more firepower to take on rival Jio.

In January, the company had chose to transfer 25 per cent equity shares in Bharti Telemedia to its wholly owned subsidiary Nettle Infrastructure Investments.

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