Bharti Airtel Prepays Rs 8,815 Crore To Clear Deferred Spectrum Liabilities
The prepayment is for installments due in FY2027 and FY2028.
Bharti Airtel Ltd. has paid Rs 8,815 crore to the telecom department toward part prepayment of deferred liabilities for spectrum acquired in auction of 2015.
The prepayment is for installments due in FY27 and FY28, the telecom operator said in an exchange filing.
Over the last four months, the carrier has cleared Rs 24,334 crore of its deferred spectrum liabilities much ahead of scheduled maturities. These liabilities carried an interest rate of 10% and have been paid off through a combination of free cash generated by business, equity proceeds and significantly lower-cost debt of similar tenor, the filing said.
In December last year, the company had paid Rs 15,519 crore to the Department of Telecommunications toward prepayment of the entire deferred liabilities pertaining to spectrum acquired in 2014 auction.
The prepayments will result in interest cost savings to Bharti Airtel.
