In a BSE regulatory filing, Bharati Airtel stated that it will raise Rs 16,500 crore through a mix of privately placed non-convertible debentures (NCDs) and foreign currency bonds for refinancing of its existing debts and liabilities.
The statement said:
"Subject to approval of shareholders and other requisite approvals, the board of directors in its meeting held today has approved:
Issuance of NCDs of upto Rs 10,000 crore on a private placement basis in such tranches/series and at such rates as may be approved from time to time on a cumulative basis along with all NCDs issued by the company, and
Issuance of foreign currency bonds upto a limit of $1 billion (Rs 6,482 crore) or equivalent in one or more tranches".
It further said, "Any funds raised from issuance of aforesaid debt securities shall be used for routine treasury activities, including refinancing of existing debt and spectrum liabilities".