Airtel launches $2 billion QIP

Telecom major Bharti Airtel it has opened qualified institutions placement process to raise USD 2 billion and has launched FCCBs worth up to USD 1 billion. 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 Fund Raising of the company has, at its meeting held on January 8, 2020 approved issue of equity shares on a QIP (basis)…“ the company said in a BSE filing.

It added that the floor price of Rs 452.09 per equity share in respect of the issue is based on the pricing formula as per Sebi rules.

The filing said the committee may, at its absolute discretion, offer a discount of not more than 5 per cent on the floor price.

Besides, the company has also launched foreign currency convertible bonds (FCCBs) at a regulatory floor price of Rs 452.09 to raise an aggregate amount of up to USD 1 billion, the filing said.

Earlier this month, shareholders of Bharti Airtel had approved proposals to raise up to USD 2 billion in equity and another USD 1 billion in debt.

The proposal for issuance of securities for amount up to USD 2 billion, and issue of foreign currency convertible bonds and unsecured/secured redeemable non-convertible debentures along with or without warrants was passed at the company’s EGM on January 3.

Airtel is expected to use the funds to pay the adjusted gross revenue (AGR) liability and invest in the network.

The company has posted a staggering Rs 23,045 crore net loss for the second quarter ended September 30, due to provisioning of Rs 28,450 crore in the aftermath of the Supreme Court ruling on statutory dues.

According to government data, the liabilities in the case of Bharti Airtel add up to nearly Rs 35,586 crore, of which Rs 21,682 crore is licence fee and another Rs 13,904.01 crore is the SUC dues (not including the dues of Telenor and Tata Teleservices).

Shares of Bharti Airtel closed at Rs 458.95 apiece, up 3.05 per cent from the previous close on BSE.

If you want to read more Technology articles, you can visit our Technology category.

if you want to watch movies go to Film.BuradaBiliyorum.Com for Tv Shows Dizi.BuradaBiliyorum.Com, for forums sites go to Forum.BuradaBiliyorum.Com  .

Ähnliche Artikel

Schreibe einen Kommentar

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind mit * markiert

Schaltfläche "Zurück zum Anfang"