Airtel mops up $2 billion at issue price of Rs 445 per share as part of QIP

Bharti Airtel on Wednesday announced allotment of 323.5 million equity shares to eligible institutional buyers at an issue price of Rs 445 per share as part of US$ 2 billion (around Rs 14,000 crore) qualified institutional placement (QIP) that closed on Tuesday.

The issue price was at a discount of 1.57 per cent to the stated floor price of Rs 452.09 per equity share. Airtel announced the closure of this issue period for the qualified institutional placement (QIP) and fixed the issue price at “Rs 445 per equity share, which is at a discount of 1.57 per cent to the floor price of Rs 452.09 per equity share”.

The firm is raising funds to make payments towards its adjusted gross revenue (AGR) liability.