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In a filing with the stock exchanges on Thursday, Bharti Airtel said it will raise up to ₹32,000 crore through a mix of rights issuances and perpetual bonds with equity credit.
The company said its board has approved raising ₹32,000 crore — ₹25,000 crore through a rights issue and up to ₹7,000 crore through perpetual bonds with equity credit.
The plan is in line with the recommendations of the Special Committee of Directors for Fund Raising.
According to the board, the company will issue fully paid-up equity shares for up to ₹ 25,000 crore by way of a rights issue to eligible equity shareholders as on the record date.
The record date will be notified subsequently.
The board approved raising funds through foreign-currency-denominated bonds of up to $1 billion (approximately ₹7,000 crore).
Rights entitlement
The board also approved the rights issue price of ₹220 per fully paid equity share.
This includes a premium of ₹215 per fully paid equity share over the face value of ₹5 per share.
The rights entitlement ratio has been fixed at 19 shares for every 67 shares held by eligible shareholders as on the record date.
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