Bharti Telecom accepts bids for multiple tenor bonds

India’s Bharti Telecom has accepted bids worth an aggregate of 45 billion rupees ($554.15 million) for bonds maturing in two and three years, three merchant bankers said on Friday.

The telecom operator, which holds a stake in Bharti Airtel BRTI.NS, will pay an annual coupon of 8.60% on two-year bonds and 8.70% on three-year papers, the bankers said.

The company has accepted bids worth 13 billion rupees for two-year bonds and 32 billion rupees for three-year notes, after inviting bids earlier in the day.

The bonds are rated AA+ by CRISIL and the issue will close for subscription next week.

In November, the company had raised an aggregate of 70 billion rupees through bonds maturing in two years and three years. Reuters