Bharti Airtel has received approval from its board to raise up to Rs 165 billion for refinancing debt and paying for spectrum liabilities. The company’s board approved the issuance of non-convertible debentures (NCDs) of up to Rs 100 billion on a private placement basis and the issuance of foreign currency bonds up to a limit of $1 billion (Rs 64.82 billion) or equivalent in one or more tranches. Further, NCDs of up to Rs 100 billion can be raised in tranches or a series at rates that may be approved from time to time. All funds raised from the issuance of these debt securities will be used for routine treasury activities, including refinancing of existing debt and spectrum liabilities. Airtel will now approach shareholders for the final approval of the proposed raising of debt.