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Bharti Airtel board approves Rs 21,000 crore rights issue

The telecom major said that its Board of Directors in a meeting held Sunday comprehensively reviewed the industry scenario, business environment, financial/ business strategy of the company and approved the company’s plan to raise further capital.

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New Delhi: Bharti Airtel on Sunday said that its Board has approved the plan to raise Rs 21,000 crore via a rights issue priced at Rs 535 per equity share.

In a filing to the stock market BSE, the telecom major said that its Board of Directors in a meeting held Sunday comprehensively reviewed the industry scenario, business environment, financial/ business strategy of the company and approved the company’s plan to raise further capital.

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“Accordingly, the Board approved the issuance of equity shares of face value of Rs 5 each of the company on rights basis to eligible equity shareholders of the company as on the record date (to be notified later), of an Issue size of up to Rs 21,000 crores,” Bharti Airtel said.
Bharti’s stock had closed 1.21% higher at Rs 593.95 a piece on Friday.

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