Bharti Airtel is looking to raise over $400 million through a bond offering to its European investors. The move is aimed at bringing down the operator?s net finance costs.
At CHF 350 million, the bonds, which have been issued for a six-year period at an effective interest rate of three per cent, is the largest ever offering floated by an Indian entity in the Swiss currency.
Earlier, Bharti Airtel had issued Euro denominated bonds worth over a billion dollars in December 2013. The funds raised through the bond issue had enabled the company to reduce its net finance costs for the quarter-ended December 2013 by 13 per cent on a year-on-year basis to Rs 10.68 billion.
Deutsche Bank, BNP Paribas and UBS are the joint book runners and the joint leads managers leading the bond offering.
