The telecom major's mega rights issue worth Rs. 25,000 crore has opened for public subscription today and will close on May 17. The last date for placing request for split application form is May 10, 2019. For determining the eligibility of the shareholders' who can participate in the rights issue, Sunil-Mittal led company fixed April 24th as the record date.
As part of the offer, the company will issue fully paid-up shares for Rs. 220 apiece for mopping up Rs 25,000 crore. Also, the company looks to raise another Rs. 7000 crore via issue of foreign currency perpetual bond. For every 67 shares, the company has fixed the entitlement ratio at 19 shares.
The funds garnered via the rights issue will enable Airtel to develop large network capacity and also build partnerships in the area of technology and content to provide best customer experience.
After the rights issue opened for subscription, the stock of Bharti Airtel surged in morning trade and hit an intra-day high of Rs. 333.15, up over 2.6% on the BSE.