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Bharti Airtel Gains On Robust Response To QIP, FCCB

Shares of Bharti Airtel advanced in Friday’s session after the telecom operator’s $3 billion fundraising exercise received three times subscription, garnering pledges of $9-10 billion.

In a BSE filing, Airtel said a special committee of directors would be meeting on January 14 to consider the QIP issue price. This will include any discount on the floor price, along with the issue price and other terms of the sale of FCCBs.

The scrip rose 1.31 percent to hit a high of Rs 465.90 on BSE.

Airtel is looking to raise the money through a private placement of equity shares and the sale of foreign currency convertible bonds (FCCBs) as it seeks to pay more than Rs 35,500 crore in statutory dues.

Global investors, foreign banks and leading local institutional players including Goldman Sachs, GIC, BlackRock and Fidelity have evinced interest in both the $2 billion QIP and the $1 billion FCCB offering, including a $250 million ‘upsize’ option, said the people cited above.

Warburg Pincus, JP Morgan Asset Management, Axis MF, Capital Group, ICICI Prudential, SBI MF, Birla MF, HDFC MF and ICICI Pru Mutual Fund have lined up for the QIP, they said. BNP Paribas, Lombard Odier, Barclays, UBS and Segantii Capital among others have pitched for the overseas bonds, they added. “Airtel has already received subscriptions, aggregating $5.5-$6 billion for the QIP and over $3 billion for the FCCBs,” said one of the persons.―India Finance News

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