Bharti Airtel board approves Rs 21,000 crore rights issue

The company moved Supreme Court (SC) last week, with a review petition on the AGR issue

The board of Bharti Airtel on Sunday approved fund-raising to the tune of Rs 21,000 crore, mainly to make payments towards adjusted gross revenue (AGR)-related liabilities due in 2021-22 (FY22).

The board approved the issuance of equity shares of a face value of Rs 5 each of the company on a rights basis to eligible equity shareholders. The issue size is up to Rs 21,000 crore, said an official statement by Airtel.

The rights issue is priced at Rs 535 per fully paid-up equity share, including a premium of Rs 530. This translates to a discount of 10 per cent