 "Bharti Airtel shares gain 3.5% after telco announces to raise Rs 14,281 cr via QIP; floor price fixed at Rs 452.09 per share")
New Delhi: Shares of Bharti Airtel on Thursday gained 3.5 percent after the company said it has opened qualified institutions placement process to raise $2 billion (about Rs 14,281 crore).
The scrip climbed 3.29 percent to Rs 474.05 on the BSE.
On the NSE, it jumped 3.50 percent to Rs 474.95.
For the QIP issue, the special committee of directors has fixed a floor price of Rs 452.09 per share.
“…the Special Committee of Directors for fundraising of the company has, at its meeting held on 8 January 2020 approved issue of equity shares on a QIP (basis)…” the company said in a BSE filing.
Besides, the company has launched foreign currency convertible bonds (FCCBs) at a regulatory floor price of Rs 452.09 to raise an aggregate amount of up to $1 billion, the filing said.
Airtel is expected to use the funds to pay the adjusted gross revenue (AGR) liability and invest in the network.
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