Bharti Airtel seeks to raise $3 billion to fund AGR dues

Bharti Airtel is planning to raise about $3 billion (₹21,000 crore) through various modes, mainly to pay Adjusted Gross Revenue (AGR) charges, for which the operator has convened a board meeting on Wednesday.

The board will evaluate all modes of fund raising such as issuance of equity shares, bonds including foreign currency convertible bonds, equity-based instruments, qualified institutions placement or rights issue or a combination of these, said Bharti Airtel in a stock exchange filing.

“The plan is to seek approvals to raise $3 billion, which along with internal accruals would be needed to pay AGR dues. The operator has put investment bankers also on alert,” a banking source, briefed on the development, told BusinessLine. When contacted, a Bharti Airtel spokesperson declined to comment.