Airtel is recharging its coffers with $3 billion fundraising – here's everything you need to know

• Indian telecom major Bharti Airtel is upping its ante with a $3 billion fundraising.
• However, the fundraise is already in for a good surprise as it has been oversubscribed for $9-10 billion, according to reports.
• The fundraising comes as an important move on Airtel’s part which has to pay up the Adjusted Gross Revenue (AGR) dues of ₹28,450 crore as directed by the Supreme Court.

After a lot of setbacks last year, Bharti Airtel is trying to keep up in the Indian telecom race with a $3 billion fundraising.

The company said on Thursday that its special committee will meet on January 14 to determine the issue price of its $2-billion qualified institutional placement (QIP). The committee will also discuss the issue price and other terms of the up to USD 1 billion FCCBs offer.

However, Airtel’s fundraising is already in for a good surprise as it has been oversubscribed for $9-10 billion, three times the quantum of funds to be raised reported ET.

According to the report, the likes of Warburg Pincus, JP Morgan Asset Management, Axis MF, Capital Group, ICICI Prudential, SBI MF, Birla MF, HDFC MF and ICICI Pru Mutual Fund, have already moved ahead for the QIP.

The fundraising comes as an important move on Airtel’s part which has to pay up the Adjusted Gross Revenue (AGR) dues of ₹28,450 crore as directed by the Supreme Court. Subsequently, Airtel had posted a whopping ₹23,045 net crore loss for the second quarter of FY20.

The committee meeting on 14th will then meet to consider and determine the issue price of the equity shares (including any discount on the floor price), and the issue price and other terms of the FCCBs, it added.

For the QIP as well as the FCCBs, Airtel had fixed a floor price of ₹452.09 per share.

With inputs from PTI

See Also:
Here's why Airtel, ICICI Bank, L&T, and Maruti Suzuki are among IIFL's top picks this new year