The company is anticipated to solicit bids this week for notes maturing in two, three, and five years, according to undisclosed sources. The details are kept private, and the deal, if successful, would mark Bharti Telecom’s most substantial rupee issuance to date, as per data compiled by Bloomberg.
Bharti Telecom Ltd., owned by Sunil Bharti Mittal, is reportedly planning to raise up to 80 billion rupees ($961 million) in the local-currency bond market. Sources familiar with the matter indicate that the company is set to invite bids this week for notes with maturities of two, three, and five years. These details are kept private, and if the deal materializes, it would represent Bharti Telecom’s largest-ever rupee issuance, as per Bloomberg data.
Bharti Telecom’s move to the bond market comes at a time when its subsidiary, Bharti Airtel Ltd., India’s second-largest wireless carrier, is actively deploying 5G services nationwide to compete with its rival, Mukesh Ambani’s Reliance Jio Infocomm Ltd.
This issuance is noteworthy as it marks Bharti Telecom’s return to the onshore market after nearly a year. The company last raised 32 billion rupees through three-year notes in December of the previous year.