NEW DELHI, India - The board of directors at telecom major Bharti Airtel has approved fund raising of up to three billion dollars (about Rs 21,516 crore) to pay adjusted gross revenue (AGR) dues of over Rs 35,500 crore to the Department of Telecom (DoT) January-end.
The company will raise two billion dollars by exploring a combination of public or private offerings of equity shares, qualified institution placements (QIPs), convertible debentures, convertible securities, warrants, American depository receipts (ADRs) and global depository receipts (GDRs).
Bharti Airtel will be issuing bonds, debentures and warrants on private placement basis to raise the remaining amount. The board of directors approved the proposal and also authorised the special committee of directors for taking necessary steps for its implementation.
The telco, which posted a loss of over Rs 23,000 crore in the July to September quarter after provisioning for AGR dues, had asked the government for relief on the dues and the timelines.
The Supreme Court had set a three month deadline for payment. Airtel filed a limited review plea in the apex court last Friday seeking reconsideration of interest, penalties and interest on penalties that make up about 75 per cent of the AGR dues.