Bharti Airtel to decide on bond issuance on or after 23 Feb
A Bharti Airtel office building
(REUTERS)
After meeting global investors, the deal may or may not follow, the board clarified
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Telecom major Bharti Airtel on Monday said it will meet global fixed income investors on or after February 23, post which the company will take a final decision on the issuance of foreign currency bonds, subject to market conditions.
The Bharti Airtel board had earlier this month approved fundraising plan of up to ₹7,500 crore via debt instruments such as debentures and bonds, in one or more tranches.
Bharti Airtel shares zoom over 6%
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An Airtel board outside a shop in Kolkata. File
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AP Shares of Bharti Airtel on Wednesday zoomed over 6% after the company said it has received approvals for relevant downstream investments post FDI nod from the Department of Telecommunications. Bharti Airtel further said it is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect. The stock jumped 6.37% to ₹ 601.80 on the BSE. At the NSE, it gained 6.35% to ₹ 601.70. Further to our intimation dated January 21, 2020, we wish to inform you that in compliance with the FDI approval dated January 20, 2020, granted to the company by the Department of Telecommunications, the company has received approvals for its relevant downstream investments.
Synopsis
Analysts are gung ho on the stock, and have it in their model portfolios as the best sectoral pick.
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Analysts say a turnaround is ahead for Bharti Airtel.
NEW DELHI: After reporting a loss of over Rs 48,000 crore for the last six quarters, this Nifty firm is all set to turn profitable in the December quarter.
Analysts mostly expect the stock to be the biggest Nifty winner of 2021, even after its price almost doubled from its March 2020 low. Analysts are gung ho on the stock, and have it in their model portfolios as the best sectoral pick.
The stock is Bharti Airtel.