Bharti Airtel rallies 3% as Co launches $2 billion QIP for AGR dues

Shares of Bharti Airtel were up 3 per cent to Rs 474 on the BSE on Thursday after the company launched its $2 billion (Rs 14,350 crore) equity issuance to institutional investors. It has fixed floor price of Rs 452.09 for qualified institutional placement (QIP) issue. The stock has rallied 6 per cent in the past two trading days on the QIP buzz.

“The floor price of the equity shares being offered in the issue, and resolved that the Committee may, at its absolute discretion, offer a discount of not more than 5 per cent on the floor price,” Bharti Airtel said in an exchange filing.

The country’s second-biggest wireless telephony major proposed to pay the AGR (adjusted gross revenues) dues to the central government within the January 23 deadline set by the Supreme Court.