DealsBuzz: Airtel to mop up $3 bn in mega fundraise plan

MUMBAI : Mint brings you your dose of the top deals news, reported from newsrooms across the country

Airtel to mop up $3 bn in mega fundraise plan

Bharti Airtel Ltd on Wednesday launched a qualified institutional placement (QIP) worth $2 billion at a floor price of ₹452 per share, as well as a separate fundraise exercise through issue of foreign currency convertible bonds (FCCBs) of up to $1 billion, Mint reported. The operator, hit by a court verdict that has mandated it to pay dues of ₹35,586 crore to the department of telecommunications (DoT) by 24 January, will use a chunk of the proceeds to meet this liability. The latest share sale comes less than a year after Airtel raised ₹25,000 crore through a rights issue in May 2019.