The Board of Directors of Bharti Airtel Limited has considered the recommendations of ‘Special Committee of Directors for Fund Raising’ and thereby approved the fund raising of upto Rs. 32,000 crores.
Fund raising will be through rights issuance of upto Rs. 25,000 crores and perpetual bond with equity credit upto Rs. 7,000 crores.
Fully paid-up equity shares of the company for an amount aggregating upto Rs. 25,000 crores by way of a rights issue to eligible equity shareholders of the company as on the record date in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The perpetual bond of upto $1 billion (around Rs. 7,000 crores) 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 Regulations.
The Rights Issue Price would be Rs. 220 per fully paid equity share (including a premium of Rs. 215 per fully paid equity share over face value of Rs. 5 per share); and Rights entitlement ratio: 19 shares for every 67 shares held by eligible shareholders as on the record date.
Further, the Board has authorized the ‘Special Committee of Directors for Fund Raising’ to proceed with Rights Issue forthwith, and inter-alia decide the other terms and conditions of the Rights Issue including setting the record date, appointment of intermediaries, finalization of the Letter of Offer and other related matters.