Bharti Telecom raises Rs 3,500 crore via commercial paper

Mumbai & Kolkata: Bharti Telecom, the holding company of Bharti AirtelNSE -0.23 %, raised about Rs 3,500 crore via commercial paper that offered 6.16 per cent on average with a three-month maturity.

The money raised, tapping cheaper funding avenues, will be used to refinance existing loans and meet working capital needs, experts said.

“These are routine treasury activities by Bharti Telecom to manage rates and refinancing of its own existing portfolio,” a Bharti Group spokesperson told ET. Bharti Airtel shares fell 0.2 per cent to Rs 593 at the close on the BSE on Friday.