Airtel may raise up to $1 billion in offshore bonds

Bharti Airtel is evaluating an offshore bond issue to raise up to $1 billion, or about Rs 8,200 crore, to refinance high-cost debt, fortify its balance sheet, and meet a portion of its 5G capital expenditure needs, two people aware of the matter said.

India’s second-largest telco is in discussions with top foreign banks, including Barclays, Standard Chartered Bank and Citi, to explore a US dollar bonds floatation in overseas markets in one or more tranches this fiscal year, they said.

“Airtel is in initial talks with banks for a dollar bond issuance of up to $1 billion,” a banker aware of the matter told ET. “It would take some time for all regulatory approvals to come; the talks are at the stage of setting up a framework.”