Telecom major Bharti Airtel's board on Tuesday approved raising up to Rs 7,500 crore through debt instruments. The board has also authorised the Special Committee of Directors to decide (based on market conditions) on all matters related to such issuance of securities, including finalisation and approval of terms and conditions, quantum of tranche, and the timing.
In a regulatory filing, Airtel said its the Board of Directors in its meeting on Tuesday reviewed the company's routine financing and re-financing strategies, including any market maturities in due course. It has ''granted enabling approvals for such re-financing vide debt instruments (as and when deemed appropriate) through issuance of secured/ unsecured, listed/unlisted non-convertible debt securities including debentures, bonds etc. upto Rs 7,500 crores (or in equivalent foreign currency) in one or more tranches from time to time...subject to all applicable regulatory/ statutory approvals,'' the company said.
Last month, Bharti Airtel had announced that tech titan Google will invest as much as $1 billion in the company for picking up a 1.28 per cent stake and scaling up offerings of India's second-largest mobile phone operator.
On Google's recent investment in the telco, Gopal Vittal, MD and CEO, India & South Asia, Bharti Airtel, said, "Google’s recent investment is a strong validation of Airtel’s role in being a leading pioneer of India’s digital revolution. Our emerging digital services portfolio across Airtel IQ, AdTech, digital market place, Nxtra and digital banking positions us well to build an Airtel of the future.”
Meanwhile, Airtel earlier today reported a 2.8 per cent fall in its consolidated net profit at Rs 830 crore in the quarter ending 31 December, 2021. The telco had reported a net profit of Rs 854 crore in the year-ago period.
Airtel's third-quarter revenue, however, jumped 12.6 per cent to Rs 29,867 crore helped by recent tariff hikes and subscriber additions as against Rs 26,518 crore a year ago.
The telco stated that its average revenue per user (ARPU) increased to Rs 163 in Q3FY22 as against Rs 146 in Q3FY21 on comparable basis, while mobile services revenues up 19.1 per cent YoY on comparable basis.
Shares of Bharti Airtel closed 0.33 per cent higher at Rs 708.85 apiece on BSE today.
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