New Delhi: Sunil Mittal-LED Bharti Airtel announced the increase in Mega RS 21,000 crore funds by announcing Rights Issue at a price of Rs 535 per share, the money that entered when the company prepared 5G services in India and even seen a debt of the mammoth of Rs 1.6 lakh crore.
The funds are also expected to help airtel add a healthy war chest as a possibility of the collapse of rival vodafone ideas can mean a large number of new customers, many of which will also move to the Jio Reliance Leader Market.
The large entry of customers – the idea of Vodafone currently has almost 27 crore users – means that airtels need to invest in lime and other infrastructure to meet the surge.
In the submission of regulations on Sunday, Airtel said the council approved the rights issue for “…
issuance of equity equity equity rs 5 each company on the basis of the equity shareholders who fulfill the company’s requirements such as the date of the recording (becoming a notified later) , from the size of the problem to RS 21,000 Crore “.
Right rights ratio requires an equity stock for each equity stock held by shareholders who meet the requirements such as the date of record.
Terms of payment of problem prices, imagine 25% in the application and balance in two additional calls that can be decided by the board or committee based on the Company’s requirements in the overall time-horizon of 36 months, airtel said.
“The promoter group and company promoter will collectively subscribe to the right of their aggregate rights,” he said, adding that “they will also subscribe to each stock that does not subscribe to the problem”.
The promoter holder in the company stood around 55.8%, while the public had 44.09%.
The Airtel Council has formed the ‘Special Directors’ Committee’ to decide on other terms and conditions of this issue including the publishing period and date of recording.
The Board of Directors at the meeting reviewing the telecommunications industry scenario, the business environment, financial and business strategies of the company and approved a plan to increase capital further.
Airtel shares have been closed at RS 593.95 respectively on Friday, 1.21% higher than the previous closure.
In his note last week, Jefferies said that every capital was raised by Bharti Airtel which aims to increase the capacity to anticipate the shift in large market share of Vodafone ideas can be seen “positive”.
Airtel, the second largest telco in India, added 38.1 wireless customers of customers in June, pushing its cellphone user base to 35.2 crores.
Airtel Builds War Dada: Announces Mega RS 21,000 Rights Rights Issue
