Bharti Airtel has moved higher 4% at Rs 308, bouncing back over 6% from intra-day’s low, after the telecom services provider said it has reduced debt of over Rs 6,700 crore, which will result in an improvement in the capital structure and balance sheet leverage for the company.
“The company has retired equivalent debt from the proceeds of Rs 6,796 crore of the preferential allotment in June 2013 of 5% equity shares in Bharti Airtel at Rs 340 per share to Qatar Foundation Endowment,” Bharti Airtel said in a BSE filing.
Bharti Airtel noted that this significant debt reduction will result in an improvement in the capital structure and balance sheet leverage for the company.
In June 2013, Bharti had issued nearly 200 million new equity shares, representing 5% equity stake in the company, to Qatar Foundation Endowment for a total consideration of Rs 6,796 crore, it added.
Bharti Airtel has a consolidated debt of over Rs 60,000 crore on its books.
The stock opened at Rs 293 and touched a low of Rs 290 in early morning deals on NSE. A combined around 1.89 million shares have changed hands on the counter so far on NSE and BSE.
“The company has retired equivalent debt from the proceeds of Rs 6,796 crore of the preferential allotment in June 2013 of 5% equity shares in Bharti Airtel at Rs 340 per share to Qatar Foundation Endowment,” Bharti Airtel said in a BSE filing.
Bharti Airtel noted that this significant debt reduction will result in an improvement in the capital structure and balance sheet leverage for the company.
In June 2013, Bharti had issued nearly 200 million new equity shares, representing 5% equity stake in the company, to Qatar Foundation Endowment for a total consideration of Rs 6,796 crore, it added.
Bharti Airtel has a consolidated debt of over Rs 60,000 crore on its books.
The stock opened at Rs 293 and touched a low of Rs 290 in early morning deals on NSE. A combined around 1.89 million shares have changed hands on the counter so far on NSE and BSE.
