Telecom operator Bharti Airtel Thursday said its Board has approved fund raising plans of up to Rs 32,000 crore through a mix of rights issue and bond, a move arms the company with firepower to take on market competition intensified by Reliance Jio.
The mega fund-raising plans outlined by Bharti Airtel comes just days after Vodafone and Aditya Birla Group said they will infuse over Rs 18,000 crore into India's largest telecom operator Vodafone Idea Ltd through a rights issue.
In a statement here, Bharti Airtel said the Board of Directors have "approved the fund raising of upto Rs 32,000 crore through rights issuance of upto Rs 25,000 crore and Perpetual Bond with equity credit upto Rs 7,000 crore".
Perpetual bond of up to USD 1 billion (about Rs 7,000 crores) denominated in foreign currency is "subject to price, market conditions and other terms and conditions as acceptable, and with conditions allowing for full accounting equity credit and subject to all applicable laws..."
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