Airtel plan to mop up $4 billion

The board of Bharti Airtel on Wednesday gave its approval to the telecom company to raise $4 billion through a mix of debt and equity. However, the company will raise $3 billion for now.

The funds will be used to repay the adjusted gross revenues (AGR) owed to the government following a Supreme Court order in October.

In a communication to the stock exchanges, Bharti Airtel said the board had given its approval to raise $2 billion through “one or more qualified institutional placement, public and/or private offerings of equity shares, compulsory convertible debentures/other convertible securities/warrants/ADR/GDR or a combination thereof’’.