Bharti Airtel board approves mega Rs 16500 crore fund-raise
13 March, 2018, 22:37 | Author: Sammy Rose
Mumbai:Telecom major Bharti Airtel's board on Monday approved a plan to raise around Rs 16,500 crore through issue of non-convertible debentures (NCD) and foreign currency bonds for refinancing debt and paying for spectrum liabilities.
"National Company Law Tribunal (NCLT) has sanctioned the scheme of amalgamation between Telenor (India) Communications and Bharti Airtel and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013, company said in release".
The NCDs of up to Rs10,000 crore can be raised in tranches or a series at rates may be approved from time to time. The fundraising is to conduct treasury operations including refinancing of debt and spectrum liabilities. "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)".
Last month, Bharti Airtel had said it would transfer its 25 % stake in Bharti Telemedia to wholly owned arm Nettle Infrastructure Investments. Through various transactions of stake sale in the subsidiary, it had raised Rs 12,089 crore.
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Bharti Telemedia, which provides DTH service under Airtel Digital TV brand, had a turnover of Rs 3435.8 crore in FY17 comprising 6% of Airtel total revenue.
At 14:06 hrs Bharti Airtel was quoting at Rs 416.20, up Rs 14.25, or 3.55 percent on the BSE.
Bharti Airtel, the largest telecom player, has also been impacted by the onslaught of competition where the industry saw dirt cheap tariffs with voice calls free for lifetime. However, analysts said this will bring in only a short-term relief to the industry reeling under financial stress.
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