Airtel has a repayment of EUR 750 million due in May, and an instalment of USD$505 million is due in March 2023, according to its annual report. Mandava said the telco used the proceeds of the dual initial public offering to help cut borrowings to USD$3.5 billion from about USD$7.7 billion. The outstanding balance USD$1.8 billion of bonds have cross-default clauses with Bharti Airtel, still its biggest shareholder.