INSUBCONTINENT EXCLUSIVE:
explore options for raising funds, which the mobile phone operator will use to pare debt and free up cash for 4G expansion to take on
Committee of Directors for Fund Raising' and accordingly, decided to convene a meeting of the Board on February 28, 2019 to consider the
meet 4G capex needs.
Net debt at December end rose to Rs 10,63,674 crore from Rs 9,17,139 crore a year earlier but was lower than about Rs
11,32,042 crore in the fiscal second quarter.
Over the past 21-odd months, Airtel has been raising funds by progressively reducing its stake
in its listed tower unit Bharti Infratel to cut debt to gird up for competition with Jio in the fiercely competitive 4G turf
It has already raised well over Rs 12,000 crore through multiple stake dilutions.
In December, Airtel said it will sell a further 32 per
its Africa arm raising $1.25 billion, or about Rs 9,200 crore, last month by concluding a placement of shares to six global investors,
including Warburg Pincus, Temasek, Singtel and SoftBank Group
It recently also raised $200 million from Qatar Investment Authority, to also pare debt
additional $1.25-1.5 billion.
