Bharti Airtel jumps 3% on $3 billion fund raising
NEW DELHI: Shares of Bharti AirtelNSE 1.43 % climbed 3 per cent in Thursday’s trade after the company launched a $2 billion qualified institutional placement (QIP) at an indicative issue floor price of Rs 452 per share. The telecom operator also launched a $1-billion foreign currency convertible bonds (FCCBs) issue. Brokerages largely stayed positive on the stock post the fund-raising announcement.
Morgan Stanley has maintained overweight stance on Bharti Airtel with a target price of Rs 530 per share. The primary goal of QIP is to take care of AGR liabilities, the brokerage said, adding that it sees ‘faster-than-expected price recovery’ as a key risk to the upside.