(Bloomberg) -- Bharti Airtel Ltd.'s board approved raising as much as 75 billion rupees ($1 billion) as India's second-largest wireless operator looks to build a war chest for an airwaves auction.
The carrier, headed by billionaire Sunil Mittal, has reviewed its financing strategies including maturities and will issue securities including bonds as and when deemed appropriate, according to an exchange filing. The money will be raised in one or more tranches, it said in the filing.
-
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI -
'One Can Never Get Good News And Bad Share Price': S Naren, ICICI Pru Life AMC On NDTV Profit Ignite
The wireless operator that posted a surprise return to profit in the latest quarter needs to bolster its balance sheet to claw back market share from its biggest rival and India's top operator, Reliance Jio Infocomm Ltd. It'll also need to stock up funds to win airwaves at a local spectrum auction in March and roll out 5G services nationwide once it receives government approvals.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
While Bharti has been adding users mostly at the expense of its smaller rival, Vodafone Idea Ltd. and seeing improving revenue, it still needs to beef up its finances. Besides the capital expenditure needed to grow, it also has to pay 439.8 billion rupees in back dues to the government. The court allowed Indian operators, including Bharti, to stagger this payout over 10 years.
©2021 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
