Airtel approves fund raising plan of Rs 32,000 Crore

  • The teleco will raise funds from rights issue and perpetual bond float and will invest the raised capital to cut its debt and to meet its capital expenditure needs for the expansion of its 4G network, so that it can stand against the stiff competition by Mukesh Ambani led Jio.
  • The Bharti board has considered the recommendations of the special committee of directors, and thereby approved the fund raising of up to Rs 32,000 crore through a rights issuance of up to ₹25,000 crore and perpetual bond with equity credit up to ₹7,000 crore,” the company said in exchange filing.
  • The rights issue will be at ₹220 per fully paid equity share which is about 31% lower than its closing stock price of ₹317.95 on BSE on Thursday.

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