Bharti Telecom to raise USD 858 million through short-tenor bonds

NEW DELHI: Sunil Mittal-led-Bharti Telecom is planning to raise as much as $858.32 million through shorter-tenor bonds, according to a report. Bharti Telecom, which holds a stake in Bharti Airtel, will raise funds in three tranches and has invited bids from investors on Friday. The company aims to raise Rs 1,500 crore through two-year bonds at a coupon of 8.70% and Rs 2,500 via three-year bonds at 8.80% coupon. It aims to raise Rs 30 billion via three-year bonds at a six-month marginal cost of lending rate, which currently stands at 8.40%, through Kotak Mahindra Bank.