Bharti Airtel‘s main sponsor, Bharti Telecom (BTL), plans to raise debt of up to Rs 6,000 crore through non-convertible debentures (NCD) to buy the balance of the 3.33% stake that Singtel will hold, business sources said. The daily Economic Times reported that it was sold at a telecommunications company.

According to the report, the proposed rupee-pegged NCDs are likely to be subscribed mainly by top foreign portfolio investors (FPIs).

Last week, Singtel sold a 1.76% stake in Airtel in a block transaction of just over Rs 7,100 crore. Bharti Telecom acquired a majority stake (about 1.62%) for Rs 6,604 crore, while Airtel’s public shareholders hold the remaining 0.14% stake.

Bharti Telecom is reportedly raising new debt to partially finance the remaining 1.57% stake it bought from Singtel. BNP Paribas, HSBC, Japan’s MUFG and Standard Chartered may be helping Bharti Telecom raise funds through rupee-pegged non-communicable diseases.

The duration of NCDs is expected to be shortened by one to three years. Analysts said Bharti Group had to raise debt to finance the purchase of a stake in Singtel as the Southeast Asian operator recently ruled out any new equity injection in Bharti Telecom.

Singtel currently holds a 50.56% stake in Bharti Telecom, and the Mittal family holds 49.44%. Bharti Telecom currently holds a 35.85% stake in Bharti Airtel, the country’s second-largest telecom service provider.