Bharti Airtel raises USD 750 mn from overseas investors

Telecom operator Bharti Airtel on Wednesday said it has raised USD 750 million (about Rs 5,330 crore) from investors based in Asia, Europe and the US through a hybrid financial instrument. Bharti Airtel said in a statement that "its wholly-owned subsidiary Network i2i Limited, has priced ... offering of USD 750 million 5.650 per cent subordinated perpetual securities."

The proceeds shall be used for refinancing, investments in subsidiaries and general corporate purpose. Bharti Airtel's Treasury Head Ashish Sardana said in the backdrop of the current global economic environment, the strong response for its inaugural hybrid securities offering from high quality investors across Asia, Europe and the US underlines the future growth potential of its business.

"The securities have been distributed to fund/asset managers, insurance companies etc," a banker closely involved in the transaction told PTI. Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Limited, HSBC, JP Morgan Securities, Merrill Lynch (Singapore) Pte Ltd and Standard Chartered Bank acted as joint bookrunners for the offering.

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