Bharti Airtel promoters, GIC to subscribe half of Rs 32K rights issue
The Board of Bharti Airtel approved the rights issue to raise up to Rs 25,000 crore through the issuance of fully paid up shares at a price of Rs 220 per share and to raise an additionalRs7,000 crore via the foreign currency perpetual bond issue. GIC has confirmed to subscribe to this renounced entitlement on behalf of Government of Singapore and Monetary Authority of Singapore.
Airtel is in the process of appointing banks to execute this. Photo: Reuters