India’s second largest telecom Bharti Airtel will be raising ₹35,000 Crore through rights issuance and foreign currency perpetual bond issue.
Airtel‘s board has approved the fund raising plan of ₹32,000 crore of which ₹25,000 crore will be in-fluxed through Rights issuance of fully paid-up equity shares at a price of ₹220 per share while the remaining ₹7,000 crore will be channeled via foreign currency perpetual bond issue.
The telecom said in a statement that its promoters-Bharti Group and SingTel have agreed to subscribe shares of ₹11,785.7 crore in the ₹25,000-crore rights issue, while Singapore government’s investment arm GIC Pvt. Ltd. will subscribe to shares worth₹ 5000 crore.
“The entire rights entitlement of promoter and promoter group of approx. ₹167,85.7 crore will be subscribed by them and GIC, with promoter and promoter group subscribing to ₹11,7,85.7 crore and GIC subscribing ₹50,00 crore by way of renouncement in their favour,” Airtel said in a statement Thursday.