Bharti Airtel International (Netherlands) BV manages Airtel’s African business and has made a tender offer for up to $450 million (about 3,550 crore rupees) of senior notes, the country’s second-largest telecommunications company said on Wednesday. The company has offered to acquire $300 million worth of $1 billion, 5.35% secured senior notes due 2024. The offer begins on June 21 and expires on July 19, 2022.

The company stepped up its pace of acquisitions after bondholders offered more than $488 million in bonds. “The Company further announces that, in its sole discretion (subject to applicable law and the provisions of the Tender Offer Memorandum), it has increased the maximum acceptance amount in connection with the Tender Offer from an aggregate principal amount of $300 million to certain notes of $450 million,” Bharti Airtel said in a regulatory filing.

The company has made a tender offer to optimise its balance sheet and reduce debt. Consolidated net debt excluding Bharti Airtel’s lease obligations stood at Rs 1,23,544 crore as of March 31, 2022, compared to Rs 1,15,512.4 crore a year ago.