Bharti Airtel’s board approves fund raising plan

The fundraising plan was approved after the board considered the recommendation of 'Special Committee of Directors for Fund Raising'.

Mar 01, 2019 03:03 IST India Infoline News Service

Bharti Airtel
Bharti Airtel, in its filing to the exchanges, informed that its board has approved the fundraising of up to Rs32,000cr through rights issuance of up to Rs25,000cr; and Perpetual Bond with equity credit to Rs7,000cr.

The fundraising plan was approved after the board considered a recommendation of 'Special Committee of Directors for Fund Raising', the company said in a press note after market hours to the exchanges on Thursday.

The board also approved Rights Issue Price of Rs220 per fully paid equity share (including a premium of Rs 215per fully paid equity share over the face value of Rs5/share). It also approved Rights entitlement ratio of 19 shares for every 67 shares held by eligible shareholders as on the record date.

Further, the board has authorized the 'Special Committee of Directors for Fund Raising' to proceed with Rights Issue forthwith, and decide the other terms and conditions of the Rights Issue including setting the record date, an appointment of intermediaries, finalization of the Letter of Offer and other related matters.

Moreover, it has authorized the 'Committee of Directors' to decide, assess and conclude on the issuance of the Perpetual Bond under such terms and conditions as may be deemed fit.

Bharti Airtel Ltd's share price ended at Rs317.95, down by Rs2 or 0.63%, from its previous close of Rs319.95 on the BSE.
The scrip opened at Rs324.15 and touched a high and low of Rs326.85 and Rs316.05, respectively. A total of, 71,37,632 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs1,27,097.34cr.

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