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

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.

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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.