Bharti Airtel raises $1.25 Bln through debt issue
Shares of Bharti Airtel rose 2% after the telecom services provider raised $1.25 billion through debt instruments.
The special committee of directors for debt fundraising, on February 25, 2021, approved the pricing, tenure and other terms and conditions w.r.t. issuance of senior unsecured foreign currency (USD) denominated notes aggregating to $750 million.
This forms a part of total debt fundraise of $1.25 billion by the company through its first-ever dual tranche of dollar bond offering, including the aforesaid issue of $750 million and issue of guaranteed perpetual securities of $500 million by Network i2i Limited, a subsidiary of the company.
This is the largest issuance by any Indian Investment Grade issuer since January 2019.
The offering was oversubscribed with strong demand from several marquee Asian, European and American funds.
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