Airtel Prepays ₹8,024 Cr To Clear High Cost Deferred Liabilities For Spectrum Acquired In 2015

Bharti Airtel, one of India’s leading telecommunications service providers, on Monday said that it has prepaid Rs. 8,024 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 company announced through an exchange filing.

The said instalments had an interest rate of 10 per cent and have been prepaid by Airtel, leveraging much lower cost financing available to it. Airtel continues to enjoy access to a well-diversified source of capital / financing, allowing it to have enhanced financial flexibility in its capital structure including optimised cost of financing using all opportunities for significant interest savings, like this prepayment.

Airtel shares

The shares of Bharti Airtel on Monday afternoon at 12:51 pm IST were trading at Rs 892.20, down by 0.32 per cent.

Airtel

Headquartered in India, Airtel is a global communications solutions provider with over 500 million customers in 17 countries across South Asia and Africa. It is India’s largest integrated communications solutions provider and the second largest mobile operator in Africa. For enterprise customers, Airtel offers a gamut of solutions that includes secure connectivity, cloud and data centre services, cyber security, IoT, Ad Tech and CPaaS (Airtel IQ).