The board of the company is slated to meet on March 13 for considering fundraising option through the NCD or non-convertible debenture issue. The company plans to come up with a NCD issue worth Rs. 3000 crore on a private placement basis, Airtel said in an exchange filing.
To consider the proposal, the directors committee will meet on March 13 added the filing. The funds mopped up through the route shall be used towards routing treasury activities including refinancing of debt as well as spectrum related liabilities. The company's debt as at the end of December 31, 2017 stands at Rs. 91,714 crore.
The NCD issue will help Airtel to engage in tough competition with the new rival player Reliance Jio Infocomm which has disrupted the entire sector that was already in a troubled state.
Before this the company informed that Singapore Telecommunications is indirectly upping its stake in the company through an investment of Rs2,649 crore in Bharti Telecom Ltd.