Bharti Telecom Limited plans to raise up to Rs 4,500 crore through two corporate bonds maturing in 36-months and 24-months on December 2, a person close to the development said.
According to the placement memorandum, the company will raise Rs 3,200 crore through bonds maturing on December 5, 2025, and Rs 1,300 crore through bonds maturing on December 5, 2024, at a fixed coupon rate of 8.70% and 8.60%, respectively.
The company will use these proceeds of the bonds for refinancing or servicing of debt of the Company and for payment of all fees, costs, and expenses in relation to the Issue.
Bidding for these bonds will take place on December 2 on the National Stock Exchange of India's electronic bidding platform. The pay-in of bonds will take place on December 5.
Mutual Funds, Financial Institutions, Insurance Corporations, Provident & Pension Funds, Corporate Investors, Foreign Portfolio Investors, etc, are eligible investors. "There is no negative list of investors."
The bonds have been rated 'AA+' with a 'Stable' outlook by CRISIL ratings.
Axis Bank has been appointed as an arranger and Axis Trustee as trustee of the issue.
In the last few days, most companies and banks are tapping the bond market to raise funds aggressively to meet their funding and working capital needs.
In the past two weeks, some banks have raised more than Rs 5,000 crore through bonds of various tenures, data on the bidding platform showed.
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