Bharti Airtel gains post launch of QIP issue to raise $3bn

Bharti Airtel traded higher by 3% in morning trade after the telco undertook the issue of equity shares on a qualified institutions placement basis.
The company launched a qualified placement of shares worth $2bn and overseas convertible bond issue for raising another $1bn. The amount raised will be used for payment of statuary dues and capital expenditure.
In this regard, the Committee also approved:
(i) the floor price of the Equity Shares being offered in the Issue, and resolved that the Committee may, at its absolute discretion, offer a discount of not more than 5% on the floor price

(ii) the preliminary placement document dated January 08, 2020 and the application forms in connection with the Issue; and

(iii) the opening of the issue on January 08, 2020.

The company said that it has filed the preliminary placement document dated January 08, 2020 with the BSE Limited and National Stock Exchange of India Limited on January 08, 2020.

Further, the 'Relevant Date' for the purpose of the Issue shall be the date of the meeting of Committee approving the opening of the Issue, i.e. today, January 08, 2020 and accordingly, the floor price in respect of the equity shares to be issued pursuant to the Issue, based on the pricing formula as prescribed under SEBI ICDR Regulations is Rs452.09/share.

Stock View:

Bharti Airtel Ltd is currently trading at Rs460.40 up by Rs1.45 or 0.32% from its previous closing of Rs458.95 on the BSE.

The scrip opened at Rs471 and has touched a high and low of Rs474.05 and Rs455.30 respectively. So far 89,73,915 (NSE+BSE) shares were traded on the counter.

The current market cap of the company is Rs2,28,551.92cr.

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