Telecom operator Bharti Airtel's board on Wednesday approved raising $4 billion through equity dilution and debt funding, which could help the company pay its Adjusted Gross Revenue (AGR) dues to the government.
The board, for now, has given its go-ahead to raise up to $3 billion and has also approved raising an additional $1 billion, an official said.
The board has given its approval to raise $2 billion through "one or more qualified institutional placement, public and/or private offerings of equity shares, compulsory convertible debentures/other convertible securities/warrants/ADR/GDR or a combination thereof", according to a regulatory filing.
The company has received an approval to raise $1 billion through foreign debt instrument and another $1 billion through issuance of "unsecured and/or secured, listed and/or unlisted, redeemable non-convertible debentures along with warrants or other similar security denominated in Indian National Rupee or combination thereof in one or more tranches", the filing said.
Apart from $2 billion, the overall issuance, for now, shall be up to $1 billion, thereby totalling to $3 billion, it added.
