Bharti Airtel has made a strategic financial move by prepaying ₹8,465 crore to the Department of Telecom, thereby clearing high-cost deferred liabilities for spectrum acquired in 2016.
What Happened: As per a press release on September 30, 2024, Bharti Airtel has prepaid ₹8,465 crore to the Department of Telecom. This payment was directed towards the clearance of high-cost deferred liabilities for the spectrum the company acquired in 2016. These liabilities carried an interest rate of 9.3%.
Previously in June, the company prepaid ₹7,904 crore to the telecom department. By that payment, the company cleared deferred liabilities for the spectrum acquired in 2012 and 2015 and the interest rates cost of 9.75% and 10% respectively.
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In January 2024, the company paid ₹8,325 crore to clear the liabilities for the airwaves bought in the 2015 auction as well.
In September, the company’s market capitalisation surpassed ₹10 lakh crore, becoming the fourth Indian company to achieve the feat.
Price Action: Shares of Bharti Airtel closed 1.23% down at ₹1,713.35.
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