Bharti Airtel has received board’s approval for raising up to Rs 21,000 crore by way of rights issue, at a price of Rs 535 per share. The company’s board, which met to consider the company’s capital raising plans, cleared rights issue price of Rs 535 per fully paid-up equity share, including premium of Rs 530 per equity share.
The board approved the issuance of equity shares of face value of Rs 5 each of the company on rights basis to eligible equity shareholders of the company as on the record date (to be notified later), of an issue size of up to Rs 21,000 crore. The rights entitlement ratio entails one equity share for every 14 equity shares held by eligible shareholders as on the record date.
Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.