New Delhi, March 26
Bharti Airtel on Wednesday said it (along with its subsidiary Bharti Hexacom Ltd) has prepaid an additional Rs 5,985 crore to the Department of Telecom, thereby fully prepaying the high-cost interest liabilities of 8.65 per cent pertaining to the 2024 auctions.
Airtel's subsidiary Network i2i Ltd. has also voluntarily called and redeemed $1 billion in Perpetual Notes, the company said in a statement.
The telecom service provider said it has now prepaid Rs 25,981 crore of high-cost spectrum liabilities for the current 2025 fiscal year and has cumulatively prepaid spectrum liabilities of Rs 66,665 crore to date.
The average interest rate on the cumulative liabilities prepaid was approximately 9.74 per cent. Airtel had earlier fully prepaid liabilities that had interest rates of 10 per cent, 9.75 per cent, and 9.3 per cent.
These prepayments have been made about 7 years ahead of their average residual maturities, said the company.
"The prepayments have resulted in Airtel clearing Rs 116,405 crore of scheduled instalments that would have otherwise been payable on their respective dates over the original tenure of the liabilities," it added.
Consequent to these payments, Airtel has also lowered its cost of debt on spectrum liabilities to an average of approximately 7.22 per cent on the residual Rs 52,000 crore of spectrum liabilities (excluding Adjusted Gross Revenue or AGR liabilities).