Airtel board approves up to ₹ 21,000cr rights issue

Telecom operator Bharti Airtel’s barricade on August 29 approved to ₹21,000 crores rights issue, as indicated by a regulatory filing.

The board, which met to think about the organization’s capital raising plans, cleared rights issue price of ₹535 per fully paid up by equity share, including a premium of ₹530 per equity share.

In a BSE filing, Airtel said that the “board approved the issuance of equity shares of presumptive worth of ₹5 every one of the organization on rights basis to eligible equity shareholders of the organization as on the record date (to be told later), of an issue size of up to ₹21,000 crores”.

The rights entitlement ratio entails one equity for each 14 value shares held by eligible shareholders as on the record date. The terms of payment of issue cost, imagine 25% on application and equilibrium in two more extra calls as might be decided by the Board or advisory group of the Board dependent on the organization’s requirements inside an overall time horizon of three years, Airtel said.

“The promoter and promoter group of the organization would all in all buy in to the full extent of their aggregate rights entitlement,” it said adding “they will likewise subscribe to any unsubscribed shares in the issue”.