Bharti Airtel receives subscriptions up to $10 billion

KOLKATA | MUMBAI: Bharti Airtel’s $3 billion fundraising exercise has been subscribed more than three times, garnering pledges of $9-10 billion, said people with knowledge of the matter. The company is looking to raise the money through a private placement of equity shares and the sale of foreign currency convertible bonds (FCCBs) as it seeks to pay more than Rs. 35,500 crore in statutory dues.

Global investors, foreign banks and leading local institutional players including Fidelity, BlackRock, Goldman Sachs and GIC have evinced interest in both the $2 billion qualified institutional placement (QIP) and the $1 billion foreign currency convertible bond offering, including a $250 million ‘upsize’ option, said the people cited above.