Bharti Airtel opens QIP issue and FCCBs issue

Floor price for both issues is Rs 452.09

Bharti Airtel announced that the Special Committee of Directors for fund raising of the company at its meeting held on 08 January 2020 has approved the issue of equity shares on a qualified institutional placement. The committee also approved -

(i) the floor price of the Equity Shares being offered in the Issue, and resolved that the Committee may, at its absolute discretion, offer a discount of not more than 5% on the floor price in accordance with Regulation 176 of Chapter VI of the SEBI ICDR Regulations;

(ii) the preliminary placement document dated 08 January 2020 and the application forms in connection with the Issue; and

(iii) the opening of the Issue on 08 January 2020.

The relevant date for the purpose of the issue is 08 January 2020 and the floor price in respect of the equity shares to be issued is Rs 452.09 per equity share.

The Committee also approved issue of FCCBs of an aggregate amount of up to USD one billion. In this regard, the committee also approved -

(i) the preliminary Offering Circular;

(ii) the opening of the issue of FCCBs today, i.e. on January 08, 2020.; and

(iii) the 'Relevant Date' for the purpose of the Issue of FCCBs as 08 January 2020 in accordance with the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993, as amended ("FCCBs Guidelines") and accordingly, the regulatory floor price as determined in accordance with the FCCBs Guidelines shall be Rs. 452.09.

It is further informed that Fitch Ratings has assigned 'BBB-'/RWN' rating to the proposed issuance of FCCBs by the Company.

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