Bharati Telecom to raise Rs 111.5 billion through NCDs

Bharati Telecom will raise Rs 111.50 billion through non-convertible debentures (NCDs). The proceeds from the funds are to be used to refinance existing debt. The issuance comprises various durations and series of bonds. The annual coupon rate will range from 8.25 per cent to 8.9 per cent. The payments are to be made annually and upon maturity of each respective tranche. The debt will be issued in seven tranches. The anchor investors include JP Morgan, ICICI Prudential Mutual Fund, Barclays Merchant Bank Singapore, Nippon India Mutual Fund, SBI Mutual Fund, Kotak Mahindra Mutual Fund, Axis Mutual Fund, and Franklin Templeton Mutual Fund.