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Tuesday, January 21, 2020

Airtel raises $2 billion via QIP, $1 billion through FCCBs

After the $2 billion QIP, the holding of promoter and promoter group will come down to 58.98 per cent as against 62.70 per cent, the company said.

By: ENS Economic Bureau | New Delhi | Published: January 16, 2020 3:23:52 am
Airtel, bharti Airtel, Airtel funding, Airtel revenue, Airtel data plans, Airtel best plans, indian express The company said in a statement on Wednesday that it raised billion through QIP and billion through FCCBs. (File)

A week before the deadline to pay Rs 35,000-crore adjusted gross revenue (AGR) dues to the government, Bharti Airtel has raised $3 billion through qualified institutional placement (QIP) and foreign currency convertible bonds (FCCBs). The company said in a statement on Wednesday that it raised $2 billion through QIP and $1 billion through FCCBs.

After the $2 billion QIP, the holding of promoter and promoter group will come down to 58.98 per cent as against 62.70 per cent, the company said.

“The company … will issue 32,35,95,505 equity shares of face value of Rs 5 per equity share at a price of Rs 445 which implies a discount of 1.57 per cent on the Sebi (Securities and Exchange Board of India) determined floor price of Rs 452.09 per equity share,” Airtel said. The offer saw participation by marquee global and Indian investors, it added.

Bharti Airtel and other telecom operators like Vodafone Idea together need to pay Rs 1.47 lakh crore as AGR dues by January 23 as a fallout of a Supreme Court’s October 24, 2019, order on computation of AGR. —FE

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