Bharti Airtel up 2%, nears 52-week high on successful QIP offering

Crisil removed its rating on the long term bank facilities and NCDs of Bharti Airtel from 'Rating Watch with Negative Implications'.

Shares of Bharti Airtel gained 2 per cent to Rs 477 on the BSE on Thursday after a successful fund raising exercise through completion of qualified institutional placement (QIP) and pricing of foreign currency convertible bonds (FCCBs).

The stock of the country’s largest integrated telecommunications company was trading close to its 52-week high of Rs 486, touched on December 2, 2019.

Bharti Airtel raised $2 billion (approx. Rs 14,000 crore) through the QIP route. The company issued 323.6 million equity shares at the price of Rs 445 per share. Post the QIP issues, the holding of promoter and promoter