Bharti Airtel Shares Rise On QIP launch

Bharti Airtel share price went up to a high of 474.95, following the launch of its Qualified Institutional Placement (QIP) worth $2 billion.

At 10.20 am, the stock was quoted at Rs 464.15, up by Rs 5.30 or 1.16% on the NSE.

The telecom player on Wednesday launched qualified institutional placement (QIPs) and foreign currency convertible bond (FCCB) issues.

For the QIP issue, the board of Bharti Airtel has fixed the floor price as Rs. 452.09 a share as against today’s closing price of Rs. 458.95 on the BSE.

The board has also approved the simultaneous opening of FCCB issue for an aggregate amount of up to $1 billion. The relevant date for the purpose of the issue of FCCBs is January 8 and accordingly, the floor price has been fixed as Rs. 452.09, it said.―The Hindu Business Line