Bharti Airtel Prepays Rs 7,904 Crore Spectrum Dues, Reduces Net Debt - Details
bharti airtel prepays rs 7,904 crore spectrum dues, reduces net debt - details
Bharti Airtel, a leading telecom operator, announced on Friday that it has prepaid the entire dues of Rs 7,904 crore for the spectrum acquired in the auctions of 2012 and 2015. This prepayment was made to the Department of Telecom.
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Airtel had secured spectrum worth Rs 8.67 crore in the 2012 auction and Rs 29,129 crore in the 2015 auction. "Bharti Airtel...said that it has prepaid Rs 7,904 crore to the Department of Telecom. With this, the company has fully prepaid all deferred liabilities pertaining to spectrum acquired in the auctions of 2012 and 2015, which were at the highest interest cost of 9.75 and 10 per cent, respectively," the company stated.
This financial move has resulted in a significant reduction in the company's consolidated net debt. As of March 31, 2024, Airtel's net debt, including the impact of leases, decreased to Rs 2,04,646 crore, down from Rs 2,13,126.4 crore at the end of the previous fiscal year.
The prepayment of these high-interest liabilities is part of Airtel's broader strategy to strengthen its financial position and reduce debt.
On Friday, the shares of Bharti Airtel closed at Rs 1,429.40, 0.26 per cent up from the previous day's closing. The 52 week high and low of the share is Rs 1,455.95 and Rs 819 respectively.
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