Bharti Airtel stated that the entire rights entitlement of Promoter and Promoter Group of approximately Rs 16,785.7 crore will be subscribed by them and GIC.
The Board of Bharti Airtel, on 28th February, gave green signal to the rights issue and raise up to Rs 25,000 crore through issuance of fully paid up shares at a price of Rs 220 per share and to raise an additional Rs 7,000 crore via the Foreign Currency Perpetual Bond Issue.
As per Airtel, promoter and promoter group also reserves the right to subscribe either itself or through investors for additional shares in the Issue, including in the event of under subscription by public, in accordance with the applicable laws.
Bharti Airtel MD and CEO (India & South Asia) Gopal Vittal commented, “The Rights Issue reiterates the confidence of our shareholders in the competitive strength and sound business strategy of Airtel. It shall further strengthen our balance sheet with desired financial flexibility so as to meet future opportunities, particularly in the rapidly transforming Indian mobile market.”