New Delhi, NFAPost: Bharti Airtel’s rights issue which is worth Rs 21,000 crore would open on October 5th. As per the company’s regulatory filing, the closing date of the issue is October 21, 2021.
The mega fundraising is bound to give more firepower to Airtel, as the company takes on rivals in the fiercely-competitive Indian telecom market. The company is going ahead with more investment initiative to cater on growing client demand, specifically data usage, demand cloud service and 5G services.
At the Board of Directors’ meeting the dates were finalised. The company also noted that the ‘Record Date’, for the purpose of determining the shareholders who shall be eligible to receive the rights entitlement in the issue, is September 28.
According to Bharti Airtel, the issue size has been fixed as “up to 392,287,662 Rights Equity shares” and the price of the rights issue is Rs 535 per fully paid-up equity share, including face value of Rs 5 and premium of Rs 530 per equity share.
The rights entitlement ratio entails one equity share for every 14 equity shares held by eligible shareholders as on the record date.
Earlier, Bharti Airtel board had approved the plan to raise upto Rs 21,000 crore capital via rights issue on August 29.
