Bharti Airtel’s Rs 21,000 Crore Rights Issue To Open on October 5

Telecom operator Bharti Airtel's around Rs 21,000 crore rights issue will open on October 5, according to a regulatory filing. 

The company has fixed September 28 as the record date for rights entitlement in the issue. 

The company's board had on August 29 approved raising up to Rs 21,000 crore by way of rights issue, for Rs 535 per share, including a premium of Rs 230.

In the filing, Bharti Airtel said its special committee of directors for the rights issue has approved October 5 as the issue opening date and October 21 as a closing date. 

The committee has approved September 28 as the record date to determine the eligible shareholders.

The rights entitlement ratio entails one equity share for every 14 shares held by eligible shareholders as on the record date.

Promoter holding in the company stands at about 55.8%, while the public holds 44.09%. 

The mega fundraising is bound to give more firepower to Airtel as the company takes on rivals in the fiercely competitive Indian telecom market.

(With inputs from PTI)