Bharti Telecom is planning to raise bonds worth approximately Rs 80 billion ($961 million) in the local currency bond market. If the deal is executed, it will be Bharti Telecom’s largest-ever rupee issuance. It is also the company’s first in the onshore market in almost a year. It raised Rs 32 billion through three-year notes in December 2022.
The non-convertible debentures will be issued in three series – series 1 for Rs 30 billion with a coupon of 8.9 per cent and tenor of two years; series 2 for Rs 30 billion with a coupon of 8.95 per cent and tenor of three years; and series 3 for Rs 20 billion with a coupon of 9 per cent and tenor of five years. The bids will open on December 1, 2023.
The lead arrangers for the issuance are Axis Bank and Barclays Bank. The anchor investors are mostly mutual funds and insurance companies such as Axis Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Insurance Company, HDFC Life Insurance Company and ICICI Prudential Life Insurance Company.
