Stocks

Bharti Airtel shares gain over 2% on getting nod for fundraising plan

PTI New Delhi | Updated on August 30, 2021

The plan is to give more firepower to Airtel as it takes on rivals in the fiercely competitive Indian telecom market.

Shares of Bharti Airtel on Monday gained over 2 per cent after the company's board approved raising up to ₹21,000 crore by way of rights issue.

The stock jumped 2.57 per cent to ₹609.25 on the BSE. At the NSE, it gained 2.40 per cent to ₹609.45.

Telecom operator Bharti Airtel's board on Sunday approved raising up to ₹21,000 crore by way of rights issue, at a price of ₹535 per share, according to a regulatory filing.

The mega fundraising is bound to give more firepower to Airtel, as the company takes on rivals in the fiercely-competitive Indian telecom market.

Airtel's board, which met to consider the company's capital raising plans, cleared the rights issue price of ₹535 per fully paid-up equity share, including premium of ₹530 per equity share.

In a BSE filing, Airtel said that the "...board approved the issuance of equity shares of face value of ₹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 ₹21,000 crore".

A rights issue is an offer to existing shareholders to buy additional new shares in the company.

Published on August 30, 2021

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