Indian telecommunications company Bharti Airtel, part of the technology to agribusiness company Bharti Enterprises, is nearing to raise 250 billion rupees (about $3.6 billion) via a rights issue.
Singaporean sovereign wealth fund GIC Private Ltd. will buy shares worth $713 million, or around a 5 percent stake at a price set at $3.14 per fully paid equity share.
The promoter group including Bharti Group, Bharti Telecom and Singapore Telecommunications (Singtel) will also subscribe to $1.6 billion in the issue.
Bharti Airtel will use the net funds to pay debt and improve its liquidity once the proposed rights issue is completed. Moreso, the company will also raise $1 billion via an offshore bond offering.