Airtel launches QIPs and FCCB for $3 billion fundraiser to clear AGR dues

Bharti Airtel has begun its $3 billion fundraising exercise by launching qualified institutional placement (QIP) and foreign currency convertible bond (FCCB) issues worth $2 billion and $1 billion respectively. Airtel’s board has fixed the floor price for the QIP at Rs 452.09 a share. The special committee of directors for fundraising has also authorised the opening of the FCCB issue which includes an upsize option of $250 million, subject to receipt of regulatory approvals. The committee has also approved the opening of the FCCB issue. Airtel plans to use the amount raised for payment of statutory dues and capital expenditure.

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