In biggest equity-raising exercise, Airtel launches $2-bn share sale

The numbers are based on changes in the company's balance sheet since the financial year 2014-15 (FY15) and upto September 2019

India’s second-biggest wireless telephony major, Bharti Airtel, has begun marketing its $2-billion (Rs 14,350 crore) equity issuance to institutional investors on Wednesday to pay the AGR (adjusted gross revenues) dues to the central government within the January 23 deadline set by the Supreme Court. The company will also raise an additional $1 billion (Rs 7,155 crore) as convertible bonds due in 2025, accoring to the terms of the transaction.

The equity offering comes within months of Bharti Airtel raising Rs 25,000 crore ($3.5 billion) from shareholders through a rights issue, making the combined exercise of Rs 40,000 crore ($5.5 billion)