Shares of the telecom major rose 2.63% to Rs 471 after it informed about the launch of QIP of equity shares and the issue of FCCBs rated 'BBB-'/RWN' by Fitch Ratings.
Bharti Airtel informed about the launch of qualified institutional placement to raise Rs 14,400 crore at an indicative floor price of Rs 452.09 per share, based on the pricing formula as prescribed under SEBI Regulations. The company's fund-raising committee, at its absolute discretion, may offer a discount of not more than 5% on the floor price.
Further, the telecom company also announced the issue of foreign currency convertible bonds (FCCBs) of an aggregate amount of upto $1 billion and accordingly, the regulatory floor price as determined in accordance with the FCCBs Guidelines shall be Rs. 452.09.
Fitch Ratings has assigned 'BBB-'/RWN' rating to the proposed issuance of FCCBs by the company, it added.
Bharti Airtel is a global telecommunications company with operations in 17 countries across Asia and Africa.
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