Airtel garners over Rs 5,200 cr from first round of payment in rights issue

Bharti Airtel is estimated to have garnered over Rs 5,200 crore from the first round of payment in its recently-concluded rights issue, as the telco's special committee approved allotment of 39.2 crore equity shares to eligible applicants.

The applicants paid Rs 133.75 per share on application, with the balance sum to be paid in two more additional calls as may be decided by the board, the company said in a regulatory filing.

"...the special committee of directors for rights issue, at its meeting held today...approved the allotment of 392,287,662 rights equity shares to the eligible applicants, with Rs 133.75 paid on application and balance to be paid in two more additional calls...," the filing said.

This implies that Airtel has raised an estimated Rs 5,243 crore from the initial tranche.

Pursuant to the allotment, the paid-up equity share capital of the company has also increased.

"...the paid-up equity share capital of the company has increased from Rs 27,460.14 million to 27,950.49 million consisting of 5,492,027,268 fully paid-up equity shares of Rs 5 each and 392,287,662 partly paid-up equity shares (Rs. 1.25 partly paid-up)," it added.

Bharti Airtel's about Rs 21,000 crore rights issue had opened on October 5 and closed on October 21, 2021, and was oversubscribed.