Airtel to mop up $3 billion in mega fundraise plan

NEW DELHI/MUMBAI : Bharti Airtel Ltd on Wednesday launched a qualified institutional placement (QIP) worth $2 billion at a floor price of ₹452 per share, as well as a separate fundraise exercise through issue of foreign currency convertible bonds (FCCBs) of up to $1 billion.

The operator, hit by a court verdict that has mandated it to pay dues of ₹35,586 crore to the department of telecommunications (DoT) by 24 January, will use a chunk of the proceeds to meet this liability. “The company proposes to utilize the net proceeds for any payments that may be required to be made arising out of the judgment of the Supreme Court of India delivered on 24 October in relation to a long outstanding industry wide case in respect of the definition of adjusted gross revenue (AGR),” Airtel said on Wednesday.