New Delhi, Jan 8 (IANS) Leading telecom player Bharti Airtel on Wednesday launched qualified institutional placement (QIP) of shares and issue of Foreign Currency Convertible Bonds (FCCBs).
The company has fixed the floor price for QIP at Rs 452.09 per equity share as against Wednesday’s closing price of Rs 458.95 on the BSE.
In a regulatory filing, the company said that the QIP will be of equity shares of face value of Rs 5 each.
The company also launched the issue of Foreign Currency Convertible Bonds (FCCBs) to raise $1 billion.
“It is further informed that Fitch Ratings has assigned ‘BBB-‘/RWN’ rating to the proposed issuance of FCCBs by the company,” Bharti said in a filing to the stock exchange.
The Bharti board had earlier approved the fund-raising plan through a mix of debt and equity financing.
The company board had given its approval to raise up to $2 billion through one or more QIP, public or private offerings of equity shares and compulsory convertible debentures etc.
It also cleared plan to raise $1 billion through foreign debt instruments and another $1 billion via issuance of unsecured and/or secured, listed and/or unlisted, redeemable non-convertible debentures along with warrants or other similar security denominated in rupee or combination thereof in one or more tranches.
The fund-raising is mainly to pay the dues towards adjusted gross revenue (AGR) as directed by the Supreme Court recently.