The Sunil Mittal led BhartiAirtel is partnering with various investment banks in order to raise funds through foreign investment bonds.
This deal is overseen by Airtel’s Mauritius arm, Network i2i. It is said to be associated with at least six investment banks in order to raise over Rs7500 crores.
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.”
“The bonds sale is expected to be launched either this weekend or early next week,” said one of the bankers involved in the exercise. Investor calls will likely take place with regions including Asia, Europe and the US starting from Tuesday.
India’s second-largest telco has already raised some $8 billion in the last couple of years. The latest fund raise plans come after the telco recently demonstrated live 5G services on its 4G network using the 1800 Mhz band and said it can commercially launch 5G with existing 4G airwaves in a few months. Airtel also owes the government nearly Rs 26,000 crores as adjusted gross revenue (AGR) dues.