Airtel prepays Rs 8,815 crore to clear deferred liabilities for spectrum
Mar 25, 2022
New Delhi [India], March 25 : Bharti Airtel, India's premier digital communications solutions provider, on Friday said it has paid Rs 8,815 crore to the Department of Telecom towards part prepayment of deferred liabilities pertaining to spectrum acquired in an auction held in 2015.
The prepayment is for instalments due in FY 2027 and FY 2028, Bharti Airtel said in a statement.
Over the last four months, Airtel has cleared Rs 24,334 crore of its deferred spectrum liabilities much ahead of scheduled maturities. These liabilities carried an interest rate of 10 per cent and have been paid off through a combination of strong free cash generated by business, equity proceeds and significantly lower cost debt of similar tenor, the company said.
"Airtel continues to focus on financial flexibility via its capital structure including optimising cost of financing and capitalising on all opportunities of significant interest saves like this prepayment," the company said in the statement.
