Bharti Airtel raises funds to cover adjusted gross revenue



New Delhi:

To meet adjusted gross income (AGR) of Rs 35,500 crore by January 23, Bharti Airtel approached Friday to organize funds by announcing the allocation of 32.35 crore of participating shares to eligible buyers at an issue price of Rs 445 each as part of a qualified Institutional Placement of $ 2 billion.

The Ministry of Telecommunications had calculated that Airtel’s AGR contributions exceeded Rs 35,500 crore in license fees, spectrum usage fees, interest and penalties.

The fundraising subscription for the $ 3 billion issue closed on Tuesday.

QIP’s issue price was at a discount of 1.57 percent from the stated floor price of Rs 452.09 per share. Airtel has embarked on a mega fundraising exercise, the proceeds of which will be used to pay dues.

Shareholders in the telecommunications operator earlier this month approved proposals to raise up to $ 2 billion in equity and an additional $ 1 billion in debt.

Airtel announced the end of the QIP issuance period and set the issue price at ‘Rs 445 per share, which represents a discount of 1.57% from the floor price of Rs 452.09 per share “.

No less than 32.35 crore of shares are awarded to eligible buyers, under the PAQ, the company said in a regulatory filing.

The special administrative committee for the fundraising exercise also authorized the terms of the convertible bonds in currencies, including the issue price.

“FCCB maturing in 2025, convertible into fully paid shares with a par value of Rs 5 each of the company at a price of Rs 534 per conversion share to initial buyers subject to receipt of funds, satisfaction of other conditions precedent and regulation as in accordance with applicable laws and procedures and relevant agreements, ”the record reads.

(Except for the title, this story was not edited by NDTV staff and is posted from a syndicated feed.)



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