Bharti Airtel subsidiary to raise an additional USD 250 mn via perpetual bonds
Bharti Airtel on Wednesday said its wholly-owned subsidiary Network i2i plans to raise funds worth up to USD 250 million (approximately Rs 1,780 crore) through perpetual bonds. This amount will be in addition to existing securities of USD 750 million (around Rs 5,343 crore) that the company has raised recently.
Network i2i Ltd, a Mauritius-based wholly-owned subsidiary of the company through joint book-runners and joint lead managers has approached investors for the proposed additional issuance, the company said in a regulatory filing.
The company said the “proposed issuance of dollar-denominated fixed-rate, unsecured, guaranteed perpetual securities by the subsidiary company” pegged the issue size at USD 250 million, in addition to existing securities of USD 750 million.
The company had earlier said that the proceeds from the issue will be utilized for pruning debt of Bharti Airtel. Shares of Bharti Airtel were trading at Rs 540.35 apiece, up 1.10 percent from the previous close on BSE.