Info-tech

Bharti Airtel launches QIP, FCCB issues

Our Bureau Chennai | Updated on January 08, 2020 Published on January 08, 2020

The condition put forth by Airtel could be a deal breaker because at ₹3,600 crore, RJio’s bid for the tower and fibre assets is the highest   -  Dhiraj Singh

Leading telecom operator Bharti Airtel on Wednesday launched qualified institutional placement (QIPs) and foreign currency convertible bond (FCCB) issues.

For the QIP issue, the board of Bharti Airtel has fixed the floor price as ₹452.09 a share as against today’s closing price of ₹458.95 on the BSE.

The board has also approved the simultaneous opening of FCCB issue for an aggregate amount of up to $1 billion. The relevant date for the purpose of the issue of FCCBs is January 8 and accordingly, the floor price has been fixed as ₹452.09, it said.

Fitch Ratings has assigned BBB-/RWN (rating watch negative) rating to the FCCBs.

Earlier, 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 and $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, according to a regulatory filing.

The fund-raising is mainly to meet the dues to the Department of Telecommunications as directed by the Supreme Court towards adjusted gross revenue.

Published on January 08, 2020
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