Bharti Telecom to raise Rs 11,150 crore through NCDs
Bharti Telecom, a key holding company of the Bharti Group for its telecom business, is raising ₹11,150 crore through a new issuance of non-convertible debentures (NCDs), mainly to refinance existing high-cost debt, said people close to the development.
The issuance is divided across various tenors and series. The annual coupon rate for the debentures will range from 8.25% to 8.9%, with payments to be made annually and upon maturity for each respective tranche.
The coupons represent a spread of up to 2 percentage points over risk-free rates.
The debt will be issued in seven tranches, with anchor investors including major financial players such as JP Morgan, ICICI Prudential Mutual Fund, Barclays Merchant Bank Singapore, Nippon India Mutual Fund, SBI Mutual Fund, Kotak Mahindra Mutual Fund, Axis Mutual Fund, and Franklin Templeton Mutual Fund. Barclays and Standard Chartered Bank have been appointed as arrangers for the issuance.
«BTL is raising the money via bonds to essentially refinance high-cost debt, which will enable it to save on annual interest payouts and reduce borrowing costs,» a person aware of the matter told ET.
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