Bharti Airtel's equity issuance to aid deleveraging, fund 5G capex: Fitch

Bharti Airtel Ltd' planned $ 2.8 billion equity issuance will improve its net leverage to around 2.0x (end-March 2021: 2.1x) and provide funds to strengthen its market position, according to Fitch Ratings.

Bharti will raise equity in three tranches, a quarter of the proceeds to be received upfront and the balance in two instalments within three years.

Bharti's management remains committed to an investment-grade rating. The company raised about $9 billion in FY20 and FY21 via equity issuance, selling a stake in subsidiary Airtel Africa Plc and the sale-and-leaseback of towers in Africa. The comoany management aspires to achieve a debt/EBITDA ratio