New Delhi: The board of telecom major Bharti Airtel on Wednesday approved a plan to raise $3 billion via Qualified Institution Placements (QIPs), stake sale, as well as by debt, to pay its adjusted gross revenue (AGR) dues worth Rs 43,000 crore to the government by January 24. In a stock exchange filing, the company said that it will launch one or more QIPs, or offer for sale of equity shares, or a combination of similar offers to raise $2 billion. The balance of $1 billion would be raised through debentures and bonds.
The Airtel board has authorized the Special Committee of Directors for taking necessary steps for implementing the fundraising plans. “One or more Qualified Institutions Placements for an aggregate amount of $2 billion, issuance of unsecured and/or secured, listed and/or unlisted, Foreign Currency Convertible Bonds (FCCBs) in one or more tranches for an aggregate amount up to $1 billion (equivalent currency) on private placement basis or otherwise,’’ the Airtel filing said. (IANS)