Bharti Airtel has begun its $3 billion fund-raising exercise by launching qualified institutional placement (QIP) and foreign currency convertible bond (FCCB) issues worth $2 billion and $1 billion respectively.

Airtel’s board has fixed the floor price for the QIP as Rs 452.09 a share. As per a regulatory filing, the QIP will be of equity shares of face value Rs 5 each.

As per Airtel, the special committee of directors for fundraising has also authorised the opening of the FCCB Issue which includes an upsize option of $ 250 million, subject to receipt of regulatory approvals. The committee has also approved the opening of the issue of FCCB on January 8, 2020.

The telco plans to use the amount raised for payment of statuary dues and capital expenditure