Telecom operator Bharti Airtel’s board approved raising USD 4 billion through equity dilution and debt funding.
The board, for now, has given its go-ahead to raise up to USD 3 billion and has also approved raising an additional USD 1 billion, an official said.
The board has given its approval to raise USD 2 billion through “one or more qualified institutional placement, public and/or private offerings of equity shares, compulsory convertible debentures/other convertible securities/warrants/ADR/GDR or a combination thereof”, according to a regulatory filing.
The company has received an approval to raise USD 1 billion through foreign debt instrument and another USD 1 billion through issuance of “unsecured and/or secured, listed and/or unlisted, redeemable non-convertible debentures along with warrants or other similar security denominated in Indian National Rupee or combination thereof in one or more tranches”, the filing said.
Apart from USD 2 billion, the overall issuance, for now, shall be up to USD 1 billion, thereby totalling to USD 3 billion, it added.