Image Credit: Business Standard
On Sunday, Bharti Airtel proclaimed in its board of directors meet to earmark a whopping Rs 21,000 crore through a rights issue worth Rs 535 equity per share at the face value of Rs 5 for its shareholders.
India-based telecom company said during an exchange filing that, “The Board of Directors of the Company, at its meeting held today, comprehensively reviewed the industry scenario, business environment, financial/ business strategy of the Company and approved the Company’s plan to raise further capital. Accordingly, the Board approved the issuance of equity shares of face value of Rs. 5/- each of the Company on rights basis to eligible equity shareholders of the Company as on the record date (to be notified later), of an Issue size of upto Rs. 21,000 Crores.”
As per the applied terms and conditions for payment for the right issue, people who subscribed it will have to pay atleast 25% on the total applications received also ascertaining the payment for more than two calls as per the rules laid by the council or committee pertaining to the needs measured throughout time scale of 36 months. Additionally, this will be a Partly Paid right issue wherein money will be paid in 3 tranches similar to what the Reliance PP right issue followed, reported CNBC Awaaz.
