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Business

Bharti Airtel board approves Rs 32,000 crore fund-raising plan

Mumbai, Feb 28 

Telecom major Bharti Airtel on Thursday said its board of directors has approved fundraising up to Rs 32,000 crore, through a rights issue and perpetual bonds.

The board, in its meeting during the day, approved a proposal to raise Rs 25,000 crore through a rights issue and Rs 7,000 crore through perpetual bonds, Bharti Airtel said in a regulatory filing.

"The board approved the issuance of fully paid-up equity shares of the company for an amount aggregating upto Rs 25,000 crore by way of a rights issue to eligible equity shareholders of the company as on the record date (to be notified subsequently)," the filing said.

The board also approved "perpetual bonds of upto $1 billion (Rs 7,000 crore) denominated in foreign currency subject to price, market conditions and other terms and conditions as acceptable, and with conditions allowing for full accounting equity credit and subject to all applicable laws including under ECB (external commercial borrowings) Regulations."

The rights would be issued at Rs 220 per equity share, which have a face value of Rs 5 per share. Rights entitlement ratio has been pegged at 19 shares for every 67 shares held by eligible shareholders as on the record date. 

The shares of Bharti Airtel on the BSE settled at Rs 317.95 per share on Thursday, lower by Rs 2 or 0.63 per cent from the previous close.