Airtel panel clears raising $3 billion via share, FCCB issues

NEW DELHI: Bharti Airtel’s special panel on fund raising has priced the telco’s share placement issue at Rs445 a share, to raise $ 2 billion, and has also cleared an overseas bond issue to raise another $1 billion.

Airtel’s shares closed Tuesday at Rs469.45, up 0.1% on the BSE.

The panel approved the terms of foreign currency convertible bonds (FCCB) issue, which includes an initial conversion price of Rs 534 per equity share and the allotment of 1.50 per cent of the bonds due in 2025.