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Bharti Airtel launches QIP, FCCBs

By IANS | Updated: January 8, 2020 22:45 IST

Leading telecom player Bharti Airtel on Wednesday launched qualified institutional placement (QIP) of shares and issue of Foreign Currency Convertible Bonds (FCCBs).

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The company has fixed the floor price for QIP at Rs 452.09 per equity share as against Wednesday's closing price of Rs 458.95 on the BSE.

In a regulatory filing, the company said that the QIP will be of equity shares of face value of Rs 5 each.

The company also launched the issue of Foreign Currency Convertible Bonds (FCCBs) to raise $1 billion.

"It is further informed that Fitch Ratings has assigned 'BBB-'/RWN' rating to the proposed issuance of FCCBs by the company," Bharti said in a filing to the stock exchange.

The Bharti board had earlier approved the fund-raising plan through a mix of debt and equity financing.

The company board had given its approval to raise up to $2 billion through one or more QIP, public or private offerings of equity shares and compulsory convertible debentures etc.

It also cleared plan to raise $1 billion through foreign debt instruments and another $1 billion via issuance of unsecured and/or secured, listed and/or unlisted, redeemable non-convertible debentures along with warrants or other similar security denominated in rupee or combination thereof in one or more tranches.

The fund-raising is mainly to pay the dues towards adjusted gross revenue (AGR) as directed by the Supreme Court recently.

( With inputs from IANS )

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