Airtel prepays INR 8,815 crores to clear deferred liabilities for spectrum acquired in 2015

Bharti Airtel ("Airtel"), India's premier digital communications solutions provider, today said that it has paid INR 8,815 crores to the Department of Telecom (Government of India) towards part prepayment of deferred liabilities pertaining to spectrum acquired in auction of year 2015. The prepayment is for instalments due in FY 2027 and FY 2028.

Over the last four months, Airtel has cleared INR 24,334 crores of its deferred spectrum liabilities much ahead of scheduled maturities. These liabilities carried an interest rate of 10% and have been paid off through a combination of strong free cash generated by business, equity proceeds and significantly lower cost debt of similar tenor.

Airtel continues to focus on financial flexibility via its capital structure including optimising cost of financing and capitalising on all opportunities of significant interest saves like this prepayment.

Shares of Bharti Airtel Limited was last trading in BSE at Rs. 706.25 as compared to the previous close of Rs. 705.05. The total number of shares traded during the day was 181559 in over 4851 trades.

The stock hit an intraday high of Rs. 708.95 and intraday low of 697.35. The net turnover during the day was Rs. 127960990.00.

Source : Equity Bulls

Keywords

BhartiAirtel INE397D01024 Prepayment Spectrum DeferredLiabilities