Bharti Airtel share price fell over 3% on Thursday after the telecom major said its board approved the proposal to raise $3 billion (approximate Rs 21,100 crore) through various modes such as equity, debt and equity-based instruments among others.

Following the announcement, Bharti Airtel stock fell 3.16% intraday to Rs 446.3 on BSE, against the previous closing value of Rs 460.85. Share of Bharti Airtel has fallen after 6 days of gain.

Bharti Airtel share is trading higher than 5, 20, 50, 100 and 200-day moving averages. In terms of volume, 3.21 lakh and 80.17 lakh shares are changing hands on BSE and NSE, respectively.

Market depth data on BSE suggest 50% buying against 50% selling on the share. The stock price of Airtel has risen over 57% year-to-date, over 17% in a month and nearly 4% in the last week.

The telecom operator is tapping investors to raise as much as $3 billion, in order to pay dues emerging from a recent Supreme Court order on the definition of adjusted gross revenue (AGR).

As per the filing submitted on Wednesday post-market hours, the company’s board has approved sales of $2 billion worth of shares or convertible bonds, and another $1 billion of foreign-currency convertible instruments or non-convertible rupee debt.

The total estimated dues of the company are Rs 35,586 crore in form of licence fees, spectrum usage charges (SUC), interest and penalties. Of this, Rs 21,682 crore is licence fee and another Rs 13,904 crore is the spectrum usage charges (not including the dues of Telenor and Tata Teleservices).

The company has provided Rs 28,450 crore as a charge for the quarter with respect to the licence fee based on the Supreme Court’s verdict.

As of 1100 IST, the shares of Bharti Airtel were quoting Rs 454 apiece, declining 6.85 points or 1.49% on the BSE.