Bhati Airtel Ltd. has received market regulator securities and exchange board of India’s approval to raise up to Rs 25000 crore through rights issue. The board of the company had approved the rights issue proposal in February.
Bharti Airtel spokesperson said, “the company is in process of obtaining required approvals and shall make necessary announcements at an appropriate time”.
The board had earlier approved the rights issue to raise up to Rs 25,000 crore through issuance of fully paid-up shares at a price of Rs 220 per share, and an additional Rs 7,000 crore via foreign currency perpetual bond issue.
Singapore telecom major Singtel said it will infuse Rs 3,750 crore in Bharti Airtel by subscribing to the proposed Rs 25,000-crore rights issue of the company, while GIC Pvt. Ltd., on behalf of Singapore government and Monetary Authority of Singapore, has made a commitment of Rs 5,000 crore in the proposed programme.