Airtel gets Sebi nod for `25K crore rights issue
Telecom operator Bharti Airtel has received market regulator Sebi's approval to raise up to Rs 25,000 crore through rights issue, according to sources.
New Delhi: Telecom operator Bharti Airtel has received market regulator Sebi's approval to raise up to Rs 25,000 crore through rights issue, according to sources.
The board of the company had approved the rights issue proposal in February. The Securities and Exchange Board of India (Sebi) has given green signal to the rights issue of Airtel, the sources said.
When contacted, Bharti Airtel spokesperson said, "the company is in process of obtaining requisite approvals and shall make necessary announcements at an appropriate time".
The board has earlier approved the rights issue to raise up to Rs 25,000 crore through issuance of fully paid up shares at a price of Rs 220 per share, and an additional Rs 7,000 crore via foreign currency perpetual bond issue.
The company had said the capital infusion will help it continue investments in future rollouts 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 Rs 32,000 crore capital raising programme.