Bharti Airtel fell 1.87% to Rs 312 at 9:28 IST on BSE after the company said that its board approved raising upto Rs 32,000 crore through equity and bond sales.
The announcement was made after market hours yesterday, 28 February 2019.Meanwhile, the S&P BSE Sensex was up 230.60 points, or 0.64% to 36,098.04.
On the BSE, 1.15 lakh shares were traded in the counter so far compared with average daily volumes of 1.79 lakh shares in the past two weeks. The stock had hit a high of Rs 320.50 and a low of Rs 306 so far during the day. The stock hit a 52-week high of Rs 436.70 on 1 March 2018. The stock hit a 52-week low of Rs 277 on 22 October 2018.
Bharti Airtel said that its board approved raising upto Rs 32,000 crore through rights issue of upto Rs 25,000 crore and foreign currency perpetual bonds, with equity credit, upto Rs 7000 crore. The rights issue is priced at Rs 220 per share. The rights entitlement ratio has been pegged at 19 shares for every 67 held.
On a consolidated basis, Bharti Airtel's net profit fell 71.81% to Rs 86.20 crore on 0.99% increase in net sales to Rs 20,519.20 crore in Q3 December 2018 over Q3 December 2017.
Bharti Airtel is a leading global telecommunications company with operations across Asia and Africa.
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