Bharti Airtel Board of Directors Approved Rights Issue of Rs 25,000 Crore

Bharti Airtel has already fixed April 24 as the 'record date' to determine shareholders' eligibility to apply for the equity shares.

By April 19th, 2019 AT 7:50 PM
Highlights
  • The rights issue will open on May 3 and close on May 17
  • Last month, Airtel received a commitment from its single-largest shareholder Singtel

Bharti Airtel’s biggest rights issue of Rs 25,000 crore will open on May 3 and close on May 17, the company said in a regulatory filing. Bharti Airtel said its board of directors in a meeting held on Friday approved rights issue which is scheduled to open on May 3 and close on May 17. “The last date for receiving a request for split application form (is) May 10, 2019,” the filing said.

Bharti Airtel has already fixed April 24 as the ‘record date’ to determine shareholders’ eligibility to apply for the equity shares.

Airtel has announced rights issue to raise up to Rs 25,000 crore through issuance of fully paid-up shares at a price of Rs 220 per share, and additional Rs 7,000 crore through a foreign currency perpetual bond issue.

The company said the capital infusion would help it continue investments in future roll-outs to build large network capacity and create content and technology partnerships to ensure strong customer experience.

Last month, Airtel received a commitment from its single-largest shareholder Singtel, promoters, and GIC Singapore to participate in the Rs 32,000-crore capital raising programme.

Singapore telecom major SingTel said it would infuse Rs 3,750 crore in Bharti Airtel by subscribing to the proposed Rs 25,000-crore rights issue of the company, while GIC Pvt Ltd, on behalf of Singapore government and the Monetary Authority of Singapore, has made a commitment of Rs 5,000 crore in the proposed programme.

Read more on:

Leave a Reply

avatar
Photo and Image Files
 
 
 

Recent Posts

Airtel Secure: All You Need to Know About the Handset Protection Plan from Bharti Airtel

Safety and security of your device and your files have become a great deal in the industry right now. People...

OxygenOS to Get Cricket Score, Smart SMS and Work-Life Balance Features in Next Open Beta

The OnePlus 6 and the OnePlus 6T have become top-selling smartphones in the country. When OnePlus launched these phones, they...

Redmi K20 Official Image Out Now, Company Confirms AMOLED Screen, 4000mAh Battery and More Features

In the past few weeks, Redmi K20 has been the victim of many leaks, rumours and speculations, but finally, after...