21.2 Security details

The Group has taken borrowings in certain subsidiaries. The details of security provided against such borrowings are as follows:

As of 31 March 2024, the company had $550m bonds outstanding which repaid during the year contained a negative pledge covenant whereby Bharti Airtel Limited and certain of it’s significant subsidiaries were not permitted to create any security interest to secure any indebtedness for borrowed money or obligations evidenced by bonds, debentures or notes (among other things, and subject to certain exceptions), without at the same time granting security equally and rateably to the holders of these bonds.

These bonds also contained an event of default clause which gets triggered if Bharti Airtel Limited (intermediate parent entity) ceases to control, directly or indirectly, at least 51% of the voting power of the voting stock of Bharti Airtel International (Netherlands) B.V. (a subsidiary of the Group) in addition to other events of default which are usual and customary to such bonds.

These bonds were guaranteed by Bharti Airtel Limited (intermediate parent entity), for detail refer to note 30. Such guarantee was considered an integral part of the bonds and therefore accounted for as part of the same unit of account.  During the current financial year, the company has repaid these bonds and accordingly all the covenants and guarantees are extinguished as of 31 March 2025.