Bharti Airtel rights issue to open on 5 Oct

The telecom major said its rights issue will open on Tuesday, 5 October 2021 and close on Thursday, 21 October 2021.

A total of upto 39,22,87,662 shares will be offered as part of the rights issue, the company's special committee of directors for rights issue decided at its meeting held on Wednesday, 22 September 2021.

The rights shares will be issued at a price of Rs 535 per fully paid-up share. Eligible investors will receive one share for every 14 shares held as on the record date.

The telecom major has fixed 28 September 2021 as the record date for rights entitlement in the issue.

The company will raise upto Rs 20,987.39 crore assuming full subscription and receipt of all call monies with respect to rights equity shares.

Earlier on 29 August 2021, the teleco said that its board comprehensively reviewed the industry scenario, business environment, financial/ business strategy of the company and approved the plan to raise upto Rs 21,000 crore via rights issue of equity shares.

The promoter and promoter group of the company will collectively subscribe to the full extent of their aggregate rights entitlement. In addition, they will also subscribe to any unsubscribed shares in the Issue, the company added.

Bharti Airtel is a global telecommunications company with operations in 18 countries across South Asia and Africa.

The telco reported a consolidated net profit of Rs 284 crore in Q1 FY22 as against a net loss of Rs 15,933 crore in Q1 FY21. Total revenues increased by 15.3% YoY to Rs 26,854 in the first quarter.

Shares of Bharti Airtel were up 0.53% at Rs 730.60. The stock hit a record high of Rs 743.90 on 16 September 2021. The stock has risen 85.41% from its 52-week low of Rs 394.05 hit on 19 October 2020.

In the past one month, the stock has risen 16.97% as against 6.88% rise in the Sensex. It has climbed 67.83% in the past one year compared with 57.64% surge in the Sensex.

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