Bharti up 2%, with bonds hitting European markets
On Tuesday, India's largest telecom firm, Bharti Airtel, hit the international market with a benchmark euro bond offering, as per merchant bankers. According to a media report, in European markets the company was able to raise euro 750 million (around USD 1 billion).
Sources say, the company is offering the five-year euro bonds for investors and the money is being raised through its wholly-owned subsidiary - Bharti Airtel International (Netheralnds).
For the third time this year, It had conducted road shows for the bond sale last week in London, Paris, Amsterdam and Frankfurt. Merchant bankers had last week said the company is considering of raising over $1 billion through bond sales, ahead of the spectrum auction slated next month.
The company had raised USD 1.5 billion in overseas debt in two tranches this year in March. The stock is also reacting positively as the EGoM on telecom approved the new merger and acquisition (M&A) norms for the sector.
According to the new rules telecom companies in a particular circle can hold up to 50 percent market. Telecom companies will pay market determined prices for spectrum over 4.4 mhz on consolidation. At 09:56 hrs Bharti Airtel was quoting at Rs 335.00, up Rs 4.35, or 1.32 percent on the BSE.
So far this year, companies have mopped up over $14.25 billion in overseas debt, with the latest being the $500 million issuance by HDFC Bank in October and $750 million by ICICI Bank earlier this month.
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