BackAirtel's ₹25,000-crore rights issue to open on May 3
Bharti Airtel said its board of directors approved rights issue which is scheduled to open on May 3 and close on May 17The last date for receiving request for split application form is May 10, 2019
PremiumNew Delhi: Bharti Airtel's biggest rights issue of ₹25,000 crore will open on May 3 and close on May 17, the company said in a regulatory filing.
Bharti Airtel said its board of directors in a meeting held on Friday approved rights issue which is scheduled to open on May 3 and close on May 17.
"Last date for receiving request for split application form (is) May 10, 2019," the filing said.
Bharti Airtel has already fixed April 24 as the 'record date' to determine shareholders' eligibility to apply for the equity shares.
Airtel has announced rights issue to raise up to ₹25,000 crore through issuance of fully paid-up shares at a price of ₹220 per share, and additional ₹7,000 crore through a foreign currency perpetual bond issue.
The company said the capital infusion will help it continue investments in future roll-outs to build large network capacity and create content and technology partnerships to ensure the strong customer experience.
Last month, Airtel received commitment from its single-largest shareholder SingTel, promoters, and GIC Singapore to participate in the ₹32,000-crore capital raising programme.
Singapore telecom major SingTel said it will infuse ₹3,750 crore in Bharti Airtel by subscribing to the proposed ₹25,000-crore rights issue of the company, while GIC Pvt Ltd, on behalf of Singapore government and the Monetary Authority of Singapore, has made a commitment of ₹5,000 crore in the proposed programme.
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