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Airtel fixes April 24 as 'record date' for Rs 25,000 cr rights issue

Airtel has announced rights issue to raise Rs 25,000 cr through issuance of fully paid up shares at a price of Rs 220 per share, and an additional Rs 7,000 cr via foreign currency perpetual bond issue

Press Trust of India  |  New Delhi 

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Telecom operator Bharti has fixed April 24 as the 'record date' to determine shareholders eligible to apply for the equity shares in the upcoming Rs 25,000 crore

In a regulatory filing, said the committee (Special Committee of Directors for Fund Raising) at its meeting held on Wednesday "has fixed the record date for the purpose of determining the shareholders eligible to apply for the equity shares in the on Wednesday, April 24, 2019".

Bharti is learnt to have already received market regulator (Sebi's) approval for the The board of the company had approved the rights issue proposal in February.

Airtel has announced rights issue to raise up to Rs 25,000 crore through issuance of fully paid up shares at a price of Rs 220 per share, and an additional Rs 7,000 crore via issue.

The company had said the capital infusion will help it continue investments in future rollouts to build large network capacity and create content and technology partnerships to ensure the strong customer experience.

Last month, Airtel received commitment from its single-largest shareholder Singtel, promoters, and to participate in the Rs 32,000 crore capital raising programme.

Singapore telecom major said it will infuse Rs 3,750 crore in by subscribing to the proposed Rs 25,000 crore rights issue of the company, while GIC Private Limited, on behalf of Singapore government and Monetary Authority of Singapore, has made a commitment of Rs 5,000 crore in the proposed programme.

Indian telecom players, including Airtel and Vodafone Idea Ltd, have embarked on mega fund raising programmes to arm themselves with firepower to take on market competition intensified by Reliance Jio as well as pare debt.

First Published: Wed, April 10 2019. 19:52 IST
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