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Business News/ Markets / Commodities/  Sunil Mittal's Bharti Telecom targets its biggest-ever rupee bond issuance in India with $961 million plan
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Sunil Mittal's Bharti Telecom targets its biggest-ever rupee bond issuance in India with $961 million plan

Bharti Telecom Ltd. plans to raise up to 80 billion rupees in the local-currency bond market, seeking bids for notes due in two, three, and five years

Bharti Telecom is coming to the bond market at a time when its unit, which is India’s second-largest wireless carrier Bharti Airtel Ltd., is rolling out 5G services across the country. (Mint)Premium
Bharti Telecom is coming to the bond market at a time when its unit, which is India’s second-largest wireless carrier Bharti Airtel Ltd., is rolling out 5G services across the country. (Mint)

Bharti Telecom Ltd., owned by Sunil Bharti Mittal, is planning to raise as much as 80 billion rupees ($961 million) in the local-currency bond market, according to people familiar with the matter.

The company is expected to seek bids this week for notes due in two-, three- and five years, the people said, who asked not to be identified as the details are private. If the deal goes through, it will be Bharti Telecom’s largest-ever rupee issuance, according to data compiled by Bloomberg.

Bharti Telecom is coming to the bond market at a time when its unit, which is India’s second-largest wireless carrier Bharti Airtel Ltd., is rolling out 5G services across the country as it takes on its rival billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd.

The issuance is also the Bharti’s first in the onshore market in almost a year. It raised 32 billion rupees through three-year notes in December last year.  

 

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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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Published: 29 Nov 2023, 11:02 AM IST
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