Bharti Airtel promoter to raise $1 billion through equity: Sources

Bharti Airtel promoter firm Bharti Telecom plans to raise USD 1 billion through equity sale to become debt-free, according to a source aware of the development.

The promoter firm Bharti Telecom plans to dilute a 2.75 per cent stake with a floor price of Rs 558 per share through secondary placement.

“Bharti Telecom has roped in JP Morgan for raising USD 1 billion by selling 150 million equity shares at a price of Rs 558 per cent per unit. It is a discount of six per cent on the closing price of Rs 593.2 apiece as on May 22,” the source told PTI.

The USD 1 billion raise will make the promoter of Bharti Airtel debt-free.