MUMBAI: Bharti Airtel has announced that it would raise over Rs 14,000 crore through Qualified Institutional Placement (QIP). The company will use proceeds from the mega fund-raising exercise to pay liabilities and invest in network expansion. Airtel has to pay nearly Rs 35,586 crore in additional statutory dues, following a Supreme Court ruling on AGR liabilities of telecom firms in October last year.
The company has announced the closure of the issue period for the QIP and fixed the issue price at Rs 445 per equity share, which is at a discount of 1.57 per cent to the floor price of Rs 452.09 per equity share.
“The company will issue 32,35,95,505 equity shares with face value of Rs 5 per equity share at a floor price of Rs 445, which implies a discount of 1.57 per cent on the SEBI-determined floor price of Rs 452.09 per equity share,” a company statement said.
As many as 32.35 crore equity shares are being allotted to eligible qualified institutional buyers. The special committee of directors for the fund-raising exercise also cleared the terms of FCCBs.