Shares of Bharti Airtel jumped 2 percent in intraday trade on Wednesday as the telecom operator hit the international market with a benchmark euro bond offering. According to a media report, the company raised euro 750 million (around USD 1 billion) in European markets.\
The country's largest telecom firm is offering the five-year euro bonds for investors and the money is being raised through its wholly owned subsidiary Bharti Airtel International (Netherlands) BV, reports PTI quoting sources. It had conducted road shows for the bond sale, its third this year, last week in London, Paris, Amsterdam and Frankfurt. Merchant bankers had last week said the company is mulling to raise over USD 1 billion through bond sales, ahead of the spectrum auction slated next month.
The company's arm Bharti Airtel International Netherlands is raising the money, which will be fully guaranteed by the parent company. In March this year, the company had raised USD 1.5 billion in overseas debt in two tranches. The stock is also reacting positively as the EGoM on telecom approved the new merger and acquisition (M&A) norms for the sector. Under the new rules telecom companies can hold upto 50 percent market in a particular circle. Telecom companies will pay market determined prices for spectrum over 4.4 mhz on consolidation. At 09:56 hrs Bharti Airtel was quoting at Rs 335.00, up Rs 4.35, or 1.32 percent on the BSE.
The country's largest telecom firm is offering the five-year euro bonds for investors and the money is being raised through its wholly owned subsidiary Bharti Airtel International (Netherlands) BV, reports PTI quoting sources. It had conducted road shows for the bond sale, its third this year, last week in London, Paris, Amsterdam and Frankfurt. Merchant bankers had last week said the company is mulling to raise over USD 1 billion through bond sales, ahead of the spectrum auction slated next month.
The company's arm Bharti Airtel International Netherlands is raising the money, which will be fully guaranteed by the parent company. In March this year, the company had raised USD 1.5 billion in overseas debt in two tranches. The stock is also reacting positively as the EGoM on telecom approved the new merger and acquisition (M&A) norms for the sector. Under the new rules telecom companies can hold upto 50 percent market in a particular circle. Telecom companies will pay market determined prices for spectrum over 4.4 mhz on consolidation. At 09:56 hrs Bharti Airtel was quoting at Rs 335.00, up Rs 4.35, or 1.32 percent on the BSE.
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