Telecom major Bharti Airtel is planning to raise between Rs 12,000 and 15,000 crore via issue of fresh shares in the current financial year, The Economic Times reported.
The move is part of the company's strategy to build reserves of about Rs 30,000 crore to reduce debt and financing costs, the report said citing two persons familiar with the development.
The telco is inspecting the option of a rights issue to existing shareholders or a private placement to institutional investors and promoters, said the report.
The bulk of the proceeds will likely be used for repaying debt and bring down borrowing costs, the report said. The company has a net consolidated debt of Rs 1,14,557 crore.
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First Published: IST