Prices of Bharti Airtel shares spiked on Thursday by 3.5 per cent to hit Rs 474, after the company announced that it has opened qualified institutions placement process to raise USD 2 billion (about Rs 14,281 crore).

The scrip climbed 3.29 per cent to Rs 474.05 on the BSE and it was up by 3.50 per cent to Rs 474.95 on the NSE.

For the QIP issue, the special committee of directors has fixed a floor price of Rs 452.09 per share.

In a BSE filing, the company said, “…the Special Committee of Directors for fund raising of the company has, at its meeting held on January 8, 2020 approved issue of equity shares on a QIP (basis)…”

Besides, the company has launched foreign currency convertible bonds (FCCBs) at a regulatory floor price of Rs 452.09 to raise an aggregate amount of up to USD 1 billion, the filing said.

Airtel is expected to use the funds to pay the Adjusted Gross Revenue (AGR) liability and invest in the network.

At 1312 hours company’s were up by 0.99 per cent at Rs 463.30on BSE and on NSE it was at Rs 462.60, up by 0.82 per cent.

(With input from agencies)