Bharti Airtel International (Netherlands) BV, which manages Airtel’s Africa business, has issued a tender offer to buy back up to USD 300 million (about Rs 2,348 crore) of senior notes, the country’s second largest telecom company said on Wednesday.

The company’s tender offer to purchase USD 300 million worth of its 5.35 per cent guaranteed senior notes of USD 1 billion due 2024 has commenced from June 21 and will expire on July 19, 2022, Bharti Airtel said in a regulatory filing.

“The purpose of the Tender Offer is for the Company to optimize its balance sheet and reduce debt,” the filing said.

Consolidated net debt excluding lease obligations for Bharti Airtel stood at Rs 1,23,544 crore as of March 31, 2022, compared to Rs 1,15,512.4 crore in the year-ago period. PTI PRS MR

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