Airtel Bharti Airtel is looking to raise up to Rs 5,000 crore soon through rupee-denominated bonds from the local market, media reports said.
With this the telco is seeking to strengthen its balance sheet ahead of the 5G Spectrum auction by refinancing its high-cost debt.
The company had said earlier this month that it would raise Rs 7,500 crore hrough issuance of secured/unsecured, listed/unlisted non-convertible debt securities including debentures and bonds in one or more tranches.
ET reported citing sources that the company is considering two other options for fundraising - an offshore bond issue and a rupee loan from banks in the local market.
"The rupee-linked corporate bonds with multiple maturities may come with multiple tenors in range of three to 10 years," said a senior executive involved in local bond sales, the report said.
A 10-year paper may be priced at 8-8.25 percent, the executive said, according to the report.
Airtel's net debt nearly stood at Rs 1.6 lakh crore at December end compared with Rs 1.66 lakh crore at end of September, the ET report stated.
A few months ago, Airtel floated a Rs 21,000-crore rights issue. So far, it has raised around Rs 5,247 crore in the first tranche of the rights issue, the report added.
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