Airtel received more than three times the subscriptions in the order book and the amount reached five billion dollars.
Airtel (Bharti Airtel) has raised $ 1.25 billion (about Rs 9,100 crore) from the market. The fund has been raised by the company at a time when the auction of Rs 3.92 lakh crore worth of spectrum is going to start from the government.
- February 25, 2021, 8:39 PM IST
Airtel said in a statement on Thursday that “it has been the largest loan letter issue of any Indian investment grade company since January 2019”. Subscriptions were received and the amount reached five billion dollars. Significantly, the Bharti Airtel board earlier this month approved funding plans of up to Rs 7,500 crore through debt instruments such as debt instruments and bonds in one or more trashes.
Read also: FD is a low interest rate option, tax and risk free with huge profits
Auction will start from March 1
Airtel’s fundraising plan has come at a time when the government has started rolling the ball for the upcoming spectrum auction. In this, radio waves worth Rs 3.92 lakh crore will be put on the block. Auctions in seven spectrum bands for mobile services are scheduled to begin from March 1.
Also read: MTAR IPO to be open from March 3, Nureka Limited shares listed at 59% premium
The company is expanding rapidly
Recently, Bharti Airtel has partnered with Qualcomm Technologies (Qualcomm) to accelerate 5G services in India. Airtel and Qualcomm will also work jointly to develop a 5G fixed wireless access network. After this the home internet network will be upgraded. It will upgrade the existing broadband infrastructure to offer a gigabit class home Wi-Fi network. It is believed that Airtel will beat other telecom companies through fast internet at home. Significantly, Airtel had showcased a 5G live commercial network in Hyderabad city. Airtel is the first company in the country to do so. Now for the expansion of this service, Airtel has selected Qualcomm as its partner.