Bharti Airtel today said it intends to issue Sterling Bond of up to GBP 500 million (around Rs. 5,000 crore), which will be listed on the London Stock Exchange.
Airtel said the amount will be used for refinancing its existing loan portfolio.
The country’s top telecom operator said the issue and its timing remains subject to necessary authorisations and approvals, global credit environment and market conditions.
Airtel in a regulatory filing said that it “…intends to issue its maiden Sterling Bond of up to GBP 500 million. This bond, when issued will be listed on London Stock Exchange.”
The filing further said Bharti is a leading corporate bond issuer from India and has issuances across maturities in USD, EUR and CHF listed on the Singapore, Frankfurt and Swiss Stock
exchanges. These bond issuances have helped Bharti diversify its investor base, currency exposure and extend debt portfolio.
“The intended bond issue, when issued, will help Bharti drive its strategy of further diversification and further extension of maturities,” it added.
“This debut GBP issue will be used for refinancing our existing debt portfolio. Besides utilizing the capital and expertise of the United Kingdom in financing Indian telecom growth story, the issue will further strengthen long-term partnership between two nations,” Bharti Airtel Group
Treasurer Harjeet Kohli said.