TechnologyBharti Airtel to raise $2.86 bn through rights issue

Bharti Airtel to raise $2.86 bn through rights issue

-

New Delhi, India: India’s telecom giant Bharti Airtel said Sunday it plans to raise 210 billion rupees ($2.86 billion) by selling shares to existing shareholders ahead of the rollout of its 5G network.

“The board of directors… comprehensively reviewed the industry scenario, business environment, financial/business strategy of the company and approved the company’s plan to raise further capital,” the telco said in a notice to the stock exchange.

The shares will be priced at 535 rupees each, Bharti Airtel said.

Sunil Mittal, the billionaire chairman of Bharti Airtel, and other founding members of the company would take part in the issue, the New Delhi-headquartered firm said.

“In addition, they will also subscribe to any unsubscribed shares in the issue,” it added.

India’s communications ministry in May authorized trials of the super-fast 5G wireless technology.

The trials are being conducted by Airtel and other telecom service providers Reliance JioInfoComm, Vodafone Idea and MTNL.

AFP
AFP is a leading global news agency for comprehensive, verified coverage of events shaping the world.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Climate change could trigger internal migration of 216 mln people – World Bank

WASHINGTON, Sept 13 (Reuters) - Without immediate action to combat climate change, rising sea levels, water scarcity and declining...

Australia eyes Christmas reopening of international borders

SYDNEY — After more than 18 months of COVID-19 isolation, Australia is preparing to reopen its international borders by Christmas...

Vaccinated pregnant people can pass on Covid antibodies to fetus: Study

Pregnant women who are vaccinated against COVID-19 also pass on the coronavirus antibodies to their unborn children, according to...

End unilateral sanctions on Taliban, China urges G-20

ISLAMABAD — China’s top diplomat Thursday urged a virtual conference of G-20 foreign ministers to end economic sanctions against Taliban-ruled...

Supermodel Linda Evangelista says cosmetic treatment left her ‘deformed’

Kolkata, India: Linda Evangelista, one of the original 1990s supermodels who dominated the catwalk and fashion covers in the...

McD pledges to phase out plastic toys with Happy Meals by 2025

Fast-food giant McDonald's said Tuesday it would phase out plastic toys from its signature Happy Meals by 2025. "Starting now,...

Must read

You might also likeRELATED
Recommended to you