New Delhi: India’s largest telecom operator Bharti Airtel on Wednesday said its committee of directors has approved the allotment of 30,000 debentures, for raising about Rs3,000 crore on private placement basis.

The proceeds of the issue would be used for general corporate purpose including routine treasury activities and refinancing of existing debt and spectrum liabilities, the company said in a regulatory filing.

“...we hereby inform that within the authority of the special resolution passed by the shareholders of the company through postal ballot on 14 March 2017, the committee of directors...has approved the allotment of 30,000 listed, unsecured, rated, redeemable, non-convertible debentures of face value Rs10 lakh each, at par aggregating to Rs3,000 crore on private placement basis," the company said.

This will be allotted via two series of Rs1,500 crore each, it added.

The Series I will carry a coupon of 8.25% per annum payable annually, and Series II of 8.35%, per annum payable annually.