Airtel launches $2 billion QIP

Telecom major Bharti Airtel it has opened qualified institutions placement process to raise USD 2 billion and has launched FCCBs worth up to USD 1 billion. For the QIP issue, the special committee of directors has fixed a floor price of Rs 452.09 per share.
“…the Special Committee of Directors for Fund Raising of the company has, at its meeting held on January 8, 2020 approved issue of equity shares on a QIP (basis)…” the company said in a BSE filing.
It added that the floor price of Rs 452.09 per equity share in respect of the issue is based on the pricing formula as per Sebi rules.
The filing said the committee may, at its absolute discretion, offer a discount of not more than 5 per cent on the floor price.
Besides, the company has also launched foreign currency convertible bonds (FCCBs) at a regulatory floor price of Rs 452.09 to raise an aggregate amount of up to USD 1 billion, the filing said.