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.

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“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.