Bharti Airtel To Seek Board Nod On Dec 4 For Raising Funds

Telecom operator Bharti Airtel on Friday said its board will meet on December 4 to consider raising of funds.

The fundraising proposal follows the Supreme Court judgement on adjusted gross revenue.

“…a meeting of the board of Directors of the Company is scheduled to be held on Wednesday, December 04, 2019 to, inter-alia, consider and evaluate any and all proposals for raising of funds either by issuance of equity shares, and or bonds including foreign currency convertible bonds,” the company said in a regulatory filing.

The board will also evaluate raising of funds through debentures, non-convertible debt instruments along with warrants, convertible debentures, securities or any other equity-based instruments including through qualified institutions placement or rights issue, or through any other permissible mode, the filing said.

The Supreme Court on October 24, 2019, upheld the government’s way of calculating telecom revenue, on which licence fee and spectrum usage charges are computed.

As per the initial calculations, access players like Airtel, Vodafone Idea and other operational telecom operators may have to pay the government a whopping Rs 1.33 lakh crore within three months.―Business World