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| Bharti Airtel announces successful completion of raising $3bn via QIP & FCCB |
Bharti Airtel on Wednesday announced the successful fund raising exercise through
completion of Qualified Institutional Placement (QIP) and pricing of Foreign Currency
Convertible Bonds (FCCBs).
The transaction is the largest dual tranche Equity and FCCB offering ever in Asia-Pacific,
the largest QIP by a private sector issuer ever in India and the largest FCCB offering
from an India issuer in the last 12 years. The overall allotment is pre-dominantly
to long only investors, thereby also ensuring diversification of the shareholder base of
Bharti Airtel.
The Company raised $2bn through the QIP route, which saw participation by highly
reputed global and Indian investors. The Company accordingly will issue 323,595,505
equity shares of face value of Rs5 per equity share at a price of Rs445 which implies
a discount of 1.57% on the SEBI determined floor price of Rs. 452.09 per equity share.
Post the QIP issue, the holding of promoter and promoter group will be 58.98 % as against
62.70%.
The FCCB offering re-opened the Indian FCCB market after a 3-year absence of
such issuances. The offering was multiple times oversubscribed with very strong
demand from several marquee Asian and European funds. The deal was fully upsized
to $1bn and priced at the best-end of the yield for the company on the back of strong
interest from existing and new investors. The FCCB was priced at a coupon of 1.5% per
annum, yield-to-maturity of 2.0% per annum and a conversion premium of 20% above the
final QIP price of Rs445.
Bharti Airtel Ltd is currently trading at Rs468.15 down by Rs1.3 or 0.28% from its
previous closing of Rs469.45 on the BSE.
The scrip opened at Rs468 and has touched a high and low of Rs471.85
and Rs466.65 respectively. So far 68,90,481 (NSE+BSE) shares were traded
on the counter. The current market cap of the company is Rs2,40,919.95cr.
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