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Bharti Airtel’s, committee of directors has given approval to the allotment of 30,000 debentures, for raising approx Rs.3,000 crore on private placement basis.
In a regulatory filing the company said that, the proceeds from the issue will be used for general corporate purposes including routine treasury activities and refinancing of existing debt and spectrum liabilities.
It said, “..we hereby inform that within the authority of the special resolution passed by the shareholders of the company through postal ballot on March 14, 2017, the committee of directors…has approved the allotment of 30,000 listed, unsecured, rated, redeemable, non-convertible debentures of face value Rs.10 lakh each, at par aggregating to Rs.3,000 crore on private placement basis.”
Further, the allotment will be made via two series of Rs.1,500 crore each and the Series I will carry a coupon of 8.25% per annum payable annually, while Series II will have a coupon of 8.35%, per annum payable annually.
