Mumbai : Telecom major Bharti Airtel’s board on Monday approved a plan to raise around Rs 16,500 crore through issue of non-convertible debentures (NCD) and foreign currency bonds.

The company’s board has approved “issuance of non-convertible debentures of up to Rs 10,000 crore on a private placement basis”, the company said in a regulatory filing to the BSE.

The foreign currency bonds up to a limit of $1 billion (around Rs 6,500 crore) would be issued in one or more tranches, it said.

“Any funds, if raised from the issuance of aforesaid debt securities, shall be used in routine treasury activities, including refinancing of existing debt and spectrum liabilities,” the filing added.

—IANS