Bharti begins fund-raising for zain deal | india | Hindustan Times
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Bharti begins fund-raising for zain deal

india Updated: May 27, 2010 22:20 IST
HT Correspondent

The Bharti Airtel–Zain deal is near completion and asset transfer may take place soon. “Bharti Airtel Limited is pleased to report that it has initiated the funds drawdown for the completion of the transaction (proposed acquisition of Zain Africa BV),” the company said in a statement.

Bharti Airtel had tied up $8.3 billion (RS 38,346 crore) from foreign banks and State Bank of India to fund the deal.

On completion, Bharti would be required to pay another $700 million (Rs 3,269 crore) to the seller after a year, while taking a load of $ 1.7 billion (Rs 7,939 crore) debt associated with the African assets.

Standard Chartered Bank, Barclays, SBI Group, ANZ, BNP, Bank of America-Merril Lynch, Credit Agricole CIB, DBF, HSBC, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp are the lead arrangers.

StanChart and Barclays have committed funds for the deal.