Stocks

Bharti Airtel shares rise on QIP launch

BL Internet Desk | Updated on January 09, 2020 Published on January 09, 2020

Bharti Airtel share price went up to a high of 474.95, following the launch of its Qualified Institutional Placement (QIP) worth $2 billion.

At 10.20 am, the stock was quoted at Rs 464.15, up by Rs 5.30 or 1.16% on the NSE.

The telecom player 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.

Published on January 09, 2020
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