Airtel’s $2 billion QIP subscribed 3 times

MUMBAI : Bharti Airtel Ltd’s $2-billion qualified institutional placement (QIP), the largest such share sale by a private company in India, was subscribed three times, two people aware of the development said, requesting anonymity.

The telecom operator launched the QIP on Wednesday at a floor price of ₹452 per share, and a separate foreign currency convertible bond (FCCB) issue of up to $1 billion.

Last year, Axis Bank had raised $1.75 billion through a QIP, which was the previous record. In May 2019, Airtel had raised ₹25,000 crore through a rights issue. Several prominent investors, including Singapore’s sovereign fund managers GIC and Temasek, and private equity firm Warburg Pincus, participated in the QIP, said the first person.