Sunil Mittal's Bharti Telecom to raise Rs 8,500 cr via domestic bond market: Report
Mumbai: Bharti Telecom Ltd., owned by billionaire Sunil Bharti Mittal, is planning to raise approximately Rs 8,500 crore (around $1.01 billion) in the domestic bond market, reported Bloomberg.
The company is expected to invite bids for bonds maturing in three to ten years next week, with the longer-dated bonds likely to offer a coupon rate of around 9%.
If this issuance goes ahead, it will mark Bharti Telecom's largest rupee-denominated offering to date, according to Bloomberg data.
This borrowing initiative comes shortly after Bharti Airtel Ltd., in which Bharti Telecom holds a majority stake, announced quarterly profits that fell short of analysts' expectations due to foreign exchange losses.
As a holding company, Bharti Telecom might need to provide a higher coupon rate compared to similarly rated companies, according to insiders.
Standard Chartered Plc and Barclays Plc are coordinating the bond issuance.
This will also be Bharti Telecom's first onshore debt issuance of the year, following a successful raise of 80 billion rupees through three-part notes in December 2023.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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