New Delhi, Feb 3 (PTI) The board of Bharti Airtel on Wednesday approved fundraising plans of up to Rs 7,500 crore via debt instruments such as debentures and bonds, in one or more tranches.

The move comes at a time when the telecom sector is gearing up for spectrum auctions and roll-out of new-age technologies.

"...the Board of Directors of the company, in its meeting held on February 03, 2021, reviewed company's routine financing/ re-financing strategies including any market maturities in due course, and approved raising of funds as and when deemed appropriate, vide issuance of secured/ unsecured, listed/ unlisted non-convertible debt securities including debentures, bonds etc. upto Rs 7,500 crore (or in equivalent foreign currency)...," the company said in a regulatory filing.

This will take place in one or more tranches from time to time, and subject to all applicable regulatory/ statutory approvals, the filing added.

"The board also authorised the Special Committee of Directors to decide, basis market conditions, on all matters related to the aforesaid issuance of securities including but not limited to the finalisation and approval of the detailed terms and conditions, quantum of tranche(s) and timings of the issue etc," Airtel further said.

Bharti Airtel - which also announced its Q3 scorecard on Wednesday - has logged net profit of Rs 854 crore for December quarter against Rs 1,035 crore loss a year ago, as the telco witnessed improved realisations and the strong customer additions.

Airtel posted its highest-ever consolidated quarterly revenue of Rs 26,518 crore in third quarter of financial year 2020-21, up 24.2 per cent over the year-ago period.

Bharti Airtel had last week announced that its network is 5G ready now as the company successfully demonstrated live fifth-generation service -- with ultra-high speeds -- over a commercial network in Hyderabad city.

Telecom operators are preparing to leverage 5G as the next frontier for future growth to bolster revenue streams and provide a stronger customer experience.

Airtel had emphasised that the actual impact of the 5G experience will be available to customers "when the adequate spectrum is available, and government approvals are received."

Airtel's latest fundraising plan comes at a time when the government has set the ball rolling for the spectrum auction, in which radio waves valued at Rs 3.92 lakh crore will be put on the block.

The auction in seven spectrum bands for mobile services - 700, 800, 900, 1800, 2100, 2300 and 2500MHz bands - is scheduled to start from March 1.

Experts tracking the sector have forecast "limited participation," though. Some believe that spectrum auction in India has turned into a buyer's market and may see "minimal competition" with operators going after airwaves that yield the best value for money instead of focusing on renewing all expiring spectrum.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)