Bharti Airtel shares gain 3.5 pc on fund-raising plan

Shares of Bharti Airtel on Thursday gained 3.5 percent after the company said it has opened a qualified institution placement process to raise USD 2 billion (about Rs 14,281 crore). The scrip climbed 3.29 percent to Rs 474.05 on the BSE.

On the NSE, it jumped 3.50 percent to Rs 474.95. For the QIP issue, the special committee of directors has fixed a floor price of Rs 452.09 per share.

"...the Special Committee of Directors for fundraising of the company has, at its meeting held on January 8, 2020, approved the issue of equity shares on a QIP (basis)..." the company said in a BSE filing. Besides, the company has launched foreign currency convertible bonds (FCCBs) at a regulatory floor price of Rs 452.09 to raise an aggregate amount of up to USD 1 billion, the filing said.

Airtel is expected to use the funds to pay the adjusted gross revenue (AGR) liability and invest in the network.