Bharti Airtel on Friday said that it has paid Rs 8,815 crore to the Department of Telecom towards part prepayment of deferred liabilities pertaining to spectrum acquired in the auction of 2015. The prepayment is for instalments due in FY 2027 and FY 2028.

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At 9:30 am, shares of the telecom major gained close to 1 percent on the BSE.

Over the last four months, Airtel has cleared Rs 24,334 crore of its deferred spectrum liabilities much ahead of scheduled maturities.

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These liabilities carried an interest rate of 10 percent and have been paid off

through a combination of strong free cash generated by the business, equity proceeds and significantly lower cost debt of a similar tenor.

Airtel continues to focus on financial flexibility via its capital structure including optimising the cost of financing and capitalising on all opportunities of significant interest saves like this prepayment, the company said in a notice to the BSE.

First Published:Mar 25, 2022 9:48 AM IST