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Mar 06, 2013
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Bharti becomes 2013’s biggest overseas borrower with $1 bn
Bharti Airtel received a whopping $9.5 billion investment interest from global investors for its $1-billion bond issue that the company concluded on Tuesday.The company retained $1-billion subscription through issue of 10-year dollar bonds, the largest mop up by a private company in 2013, according to merchant bankers. The 10-year unsecured bonds will pay a coupon of 5.125% per annum and were issued by Bharti Airtel International (The Netherlands), a wholly-owned subsidiary of the company.With this, the Sunil Mittal-promoted Bharti becomes the largest private sector borrower from global bond market in 2013 after Reliance Industries’ $800-million perpetual bond sale in January.In its maiden bond issue, the telecom company received the highest subscription from fund managers who picked up 67% of the issue. Private investment banks subscribed to 19% of the issue, and banks bought 8%. Geography-wise, investment from Asia was the highest at 35% followed by the US at 34%. European investors subscribed to 31% of the bond issue.
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http://www.financialexpress.com
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