Bharti Airtel has said it will meet global fixed income investors on or after February 23, after which the company will take a final decision on the issuance of foreign currency bonds, depending on market conditions.
The Bharti Airtel board had earlier this month approved fundraising plan of up to Rs7,500 crore via debt instruments such as debentures and bonds, in one or more tranches.
In a regulatory filing on Monday, Airtel said, "...the company will meet global fixed income investors on or after February 23, 2021, following which and subject to market conditions, the company will take a final decision with regard to the issuance of foreign currency bonds/ notes and a deal may or may not follow." Accordingly, subject to such final decision, an authorised Special Committee of Directors may meet anytime on or after two working days to consider the issuance and its detailed terms and conditions, the filing added.
Airtel's fundraising plan comes at a time when the government has set the ball rolling for the upcoming spectrum auction, in which radio waves valued at RS3.92 lakh crore will be put on the block. The auction in seven spectrum bands for mobile services is scheduled to start from March 1.
Shares of Bharti Airtel on Monday closed at Rs569 per share down by 2.12 percent as compared to the previous close of Rs. 581.35 on the National Stock Exchange.