Airtel Sets QIP Issue Price At Rs 445 To Allot 32.35 Crore Shares
Pedestrians walk past a Bharti Airtel Ltd. store in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Airtel Sets QIP Issue Price At Rs 445 To Allot 32.35 Crore Shares

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Bharti Airtel Ltd. has announced allotment of 32.35 crore equity shares to eligible buyers at an issue price of Rs 445 apiece as part of $2 billion qualified institutional placement that closed on Tuesday.

The QIP issue price was at a discount of 1.57 percent to the stated floor price of Rs 452.09 per equity share.

Airtel has embarked on a mega fundraising exercise, the proceeds of which will be used to pay adjusted gross revenue dues and invest in network. The company has to pay nearly Rs 35,586 crore in additional statutory dues.

Shareholders of telecom operator had earlier this month approved proposals to raise up to $2 billion in equity and another $1 billion in debt.

Airtel 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 percent to the floor price of Rs 452.09 per equity share".

As many as 32.35 crore equity shares are being allotted to eligible buyers, as part of the QIP, the company said in a regulatory filing. The special committee of directors for the fundraising exercise also cleared the terms of foreign currency convertible bonds including the issue price.

"FCCBs due 2025, convertible into fully paid-up equity shares of face value of Rs 5 each of the company at a price of Rs 534 per conversion equity share to initial purchasers subject to receipt of funds, satisfaction of other conditions precedent and settlement as per applicable laws and procedures and relevant agreements," the filing said.

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