Bharti Airtel seeks shareholders nod for raising $ 3bn

Telecom operator Bharti Airtel on Tuesday said it has sought shareholders' approval for raising USD 2 billion in equity and another USD 1 billion in debt to pay for statutory dues arising out of a recent Supreme Court ruling.

Through an Extraordinary General Meeting (EGM), it sought approval to raise USD 2 billion through qualified institutional placement, public issue, preferential shares or private placement. The remaining up to USD 1 billion are sought to be raised through Foreign Currency Convertible Bonds (FCCB) or debentures, the company said in an EGM notice.

The EGM will be held on January 3, 2020.

"The aggregate amount of proceeds in one or more issuances or tranches shall not exceed overall limit of USD 4 billion or its equivalent in Indian rupees or in other currency out of which, an amount up to USD 3 billion shall be raised by the company on immediate basis...," the notice said.

Last week, the company announced that its board has approved raising USD 4 billion through equity dilution and debt funding.