Bharti Airtel’s fundraise to alleviate AGR lawsuit stress: S&P

NEW DELHI: Bharti Airtel’s capital raise of up to $3 billion (nearly Rs 22,000 crore) is expected to substantially alleviate financial pressure following the Supreme Court’s adjusted gross revenue (AGR) ruling back in October 2019, a New York-based financial services firm Tuesday said.

“We now have greater clarity on Bharti Airtel’s payout related to its $4.8 billion lawsuit and believe that the company’s $3 billion capital raising has substantially alleviated pressure due to the lawsuit,” S&P Global in a statement said.

Sunil Mittal-driven telco has recently raised $2 billion through a QIP at Rs 445 per share, and an additional fund of $1 billion was raised through an issue of foreign currency convertible bonds (FCCB).