India's Airtel to raise up to $3 billion

Credit: REUTERS/ADNAN ABIDI

Bharti Airtel Ltd said on Wednesday it would raise up to $3 billion via debt and equity, after a recent court ruling asked telecom companies to pay $13 billion in dues to the government.

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BENGALURU, Dec 4 (Reuters) - Bharti Airtel Ltd BRTI.NS said on Wednesday it would raise up to $3 billion via debt and equity, after a recent court ruling asked telecom companies to pay $13 billion in dues to the government.

Last month, Airtel and industry peer Vodafone Idea Ltd VODA.NS warned that their ability to operate and make profits would depend on relief from the country after India's top court upheld a demand by the telecoms department that wireless carriers pay overdue levies and interest.

Airtel reported a consolidated net loss of 230.45 billion rupees ($3.21 billion) for the September quarter after it made a provision for dues it owed to the government.

Airtel said it will raise $2 billion via qualified institutional placement and $1 billion via bonds and debentures.

($1 = 71.7700 Indian rupees)

(Reporting by Chandini Monnappa in Bengaluru; Editing by Bernard Orr and Rashmi Aich)

((Chandini.M@thomsonreuters.com; 910867497919;))

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