Telecom operator Bharti Airtel would seek approval of its board on December 4 to raise an estimated $3 billion (around ₹21,500 crore), banking sources closely following the development said on Friday.
Airtel will raise the funds to pay the adjusted gross revenue (AGR) liability and partially invest in the network, sources mentioned.
The company has informed the bourses that its board meeting on December 4 would consider a proposal to raise funds through issues of equity or bonds.
"The company is planning to raise $3 billion in this round. Part of it will be used to pay back AGR liability," a banking source said.
The company has posted a staggering ₹23,045 crore net loss for the second quarter ended September 30, due to provisioning of ₹28,450 crore in the aftermath of the Supreme Court ruling on statutory dues.
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