Bharti Airtel Uses Qatari Money to Pay Down Debt

Bharti Airtel has paid off just under 11% of its net debt with the proceeds from the recent sale of a 5% stake to the Qatar Royal Family.

Bharti Airtel said that it has retired debt of Rs 6,796 crore (US$1.26 billion) out of its total debt of Rs 63,800 crore (US$11.7 billion).

In stock market filing, the company said that this significant debt reduction will result in an improvement in the capital structure and balance sheet leverage for the company.

In June 2013, Bharti had issued new equity shares, representing 5% equity stake in the Company, to Qatar Foundation Endowment -- an investment company owned by the Qatari Royal Family -- for a total consideration of INR 6,796 crore.