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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.
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