Airtel fixes April 24 as record date for Rs 25,000 crore rights issue
Bharti Airtel's rights issue is priced at Rs 220 per share, a discount of over 30% from the February 28 closing price.
Bharti Airtel has fixed April 24 as the record date for determining shareholders eligible to apply for its upcoming Rs 25,000 crore rights issue.
The record date was fixed by Airtel’s special committee of directors for fund-raising at a meeting on April 10, the Sunil Mittal-led telco said in an exchange filing Wednesday.
Bharti Airtel's rights issue is priced at Rs 220 per share, a discount of over 30% from the February 28 closing price of Rs 317.95 on the BSE. The company will issue 1.14 billion shares, increasing its equity base 5.13 billion equity shares. The rights entitlement ratio has been pegged at 19 shares for every 67 held.
Bharti Airtel scrip ended 3.3% lower at Rs 340.05 on BSE Wednesday.
Back in late-February, the Bharti Airtel board had cleared plans to raise a whopping Rs 32,000 crore through a Rs 25,000 crore rights issue at Rs 220 a share, and bond sales of Rs 7,000 crore in one of the largest fund-raising exercises by an Indian company.
The Bharti Airtel promoter group, including Singtel and Bharti Telecom will subscribe to shares worth Rs 11,785.7 crore, with the rest going to the public.
The Singapore government’s investment arm GIC Pvt Ltd will invest Rs 5,000 crore ($700 million) to pick up around 4.4% stake in Bharti Airtel by subscribing to the telco’s mega rights issue.
The Securities & Exchange Board of India (Sebi) has reportedly approved Bharti Airtel’s rights issue, paving the way for India’s second-largest telco to raise funds to bolster its balance sheet and spend more on 4G networks to take on Reliance Jio Infocomm.
The record date was fixed by Airtel’s special committee of directors for fund-raising at a meeting on April 10, the Sunil Mittal-led telco said in an exchange filing Wednesday.
Bharti Airtel's rights issue is priced at Rs 220 per share, a discount of over 30% from the February 28 closing price of Rs 317.95 on the BSE. The company will issue 1.14 billion shares, increasing its equity base 5.13 billion equity shares. The rights entitlement ratio has been pegged at 19 shares for every 67 held.
Bharti Airtel scrip ended 3.3% lower at Rs 340.05 on BSE Wednesday.
Back in late-February, the Bharti Airtel board had cleared plans to raise a whopping Rs 32,000 crore through a Rs 25,000 crore rights issue at Rs 220 a share, and bond sales of Rs 7,000 crore in one of the largest fund-raising exercises by an Indian company.
The Bharti Airtel promoter group, including Singtel and Bharti Telecom will subscribe to shares worth Rs 11,785.7 crore, with the rest going to the public.
The Singapore government’s investment arm GIC Pvt Ltd will invest Rs 5,000 crore ($700 million) to pick up around 4.4% stake in Bharti Airtel by subscribing to the telco’s mega rights issue.
The Securities & Exchange Board of India (Sebi) has reportedly approved Bharti Airtel’s rights issue, paving the way for India’s second-largest telco to raise funds to bolster its balance sheet and spend more on 4G networks to take on Reliance Jio Infocomm.
