Bharti Airtel, India’s largest cellular services provider, has announced that it is issuing its maiden Sterling Bond of £500 million, equal to Rs 5,000 Crore on the London Stock Exchange (LSE) to refinance its existing loan portfolio.
Harjeet Kohli, group treasurer of Bharti Airtel, said in a statement to Bombay Stock Exchange (BSE), “This debut pound issue will be used for refinancing our existing loan portfolio. Besides utilizing the capital and expertise of Britain in financing Indian telecom growth story, the issue will further strengthen the long-term Strategic Partnership between the two nations.”
Airtel also has issured binds across maturities listed on the Singapore, Frankfurt and Swiss Stock Exchanges.
The firm added, “These bond issuances have helped Bharti diversify its investor base, currency exposure and extend maturity of its debt portfolio while setting a yield curve for its credit. The intended bond issue, when issued, will help Bharti drive its strategy of further diversification and further extension of maturities.”
