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Bharti Airtel share climbs 2% after telco raises $1.25 billion via debt instruments

BusinessToday.In     February 25, 2021

Bharti Airtel share rose 2 percent intraday after the telco said it had raised $1.25 billion through debt instruments.  The large cap stock rose up to 1.98% to Rs 584.45 against previous close of Rs 573.05 on BSE.

Airtel share has risen 2.95% in two days. Market cap of the telco rose to Rs 3.16 lakh crore. The share trades higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages.

The special committee of directors for debt fundraising, on February 25, 2021, approved the pricing, tenure and other terms and conditions w.r.t. issuance of senior unsecured foreign currency (USD) denominated notes aggregating to $750 million, the company said.

This forms a part of total debt fundraise of $1.25 billion by the company through its first-ever dual tranche of dollar bond offering, including the aforesaid issue of $750 million and issue of guaranteed perpetual securities of $500 million by Network i2i Limited, a subsidiary of the company.

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This is the largest issuance by any Indian Investment Grade issuer since January 2019, the company said. The offering was oversubscribed with strong demand from several marquee Asian, European and American funds, it said.

Meanwhile, rising for the third straight session, Sensex was trading 500 points higher at 50,316 and Nifty gained 170 points to 15,144. Sectorally, all the other indices were trading with decent gains.

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