Airtel Raises $3 Bn To Pay Off Govt Dues

Mail Today|January 16, 2020

Airtel Raises $3 Bn To Pay Off Govt Dues
Sunil Mittal-led Bharti Airtel raised a total of $3 billion — $2 billion through qualified institutional placement (QIP) at Rs 445 a share and $1 billion through a bond issue — the leading telecom player said on Wednesday, as it readies to pay the government over Rs 35,000 crore in statutory dues.

“The company...will issue 32,35,95,505 equity shares of face value of Rs 5 per equity share at a price of Rs 445 which implies a discount of 1.57 per cent on the SEBI (Securities and Exchange Board of India) determined floor price of Rs 452.09 per equity share,” said the Airtel statement.

The $1 billion was raised through Foreign Currency Convertible Bonds, it said. FCCBs are debt instruments denominated in a foreign currency which can be converted into shares.

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January 16, 2020