Bharti Airtel board on Wednesday approved the raising of $4 billion through equity dilution and debt funding.
Airtel has provided for an additional amount aggregating Rs 28,450 crore as a charge for the quarter — comprising of Principal of Rs 6,164 crore, interest of Rs 12,219 crore, penalty of Rs 3,760 crore, and interest on penalty of Rs 6,307 crore.
The company said in a regulatory filing it will raise $2 billion through “one or more” QIP, public and/or private offerings of equity shares, compulsory convertible debentures and other convertible securities/warrants/ADR/GDR or a combination thereof.”
It also cleared the issuance of “unsecured and/or secured” FCCBs or other similar “security denominated in foreign currency (ies) or combination thereof,” in one or more tranches on a private placement basis, aggregating $1 billion.
Additionally, it approved the issuance of redeemable non-convertible debentures along with warrants or other similar security in one or more tranches for an aggregate amount of up to $1 billion on a private placement basis or otherwise. The overall issuance under the last two categories will be $1 billion.
Airtel has already raised close to $10 billion over the past year, including the funds raised during the pre-IPO and post-IPO of Airtel Africa totalling around $2.5 billion, and the recent rights offer of around $3.5 billion.