Bharti Airtel raises $3 billion via QIP, FCCBs

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 and foreign currency convertible bonds. The company said in a statement on Wednesday that it raised $2 billion through QIP and $1 billion through FCCBs.

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. The company has filed a limited review petition seeking waiver of interest, penalty and interest on penalty comprising 75% of the due amount, which will be taken up by the SC on Thursday.