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Bharti Airtel shares were down 2 per cent at Rs 599.35 on the BSE in intra-day trade on Thursday on profit booking after the company announced fundraising plans. The stock of the telecom services provider has corrected 7 per cent from its record high level of Rs 644 touched on August 16, 2021.
Bharti Airtel, on Wednesday, after market hours, informed the exchanges that its board would meet on August 29 to consider and approve raising funds via equity, equity-linked or debt instruments or a combination. While the quantum and purpose of the same have not been intimated, the fundraising could be to deleverage the balance sheet.
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“A meeting of the board of directors of the company is scheduled on Sunday, August 29, 2021, to inter-alia consider various capital raising options through equity or equity-linked debt instruments or any combination thereof including through rights issue, qualified institutions placement, preferential issue, convertible instruments issued domestically or foreign currency convertible bonds, or warrants on a preferential or marketed basis, or straight long-dated debt in rupee or foreign currency or any other mode including any combination thereof, as the Board may deem appropriate,” Bharti Airtel said in an exchange filing.
Despite correction from its all-time high level, Bharti Airtel in the past one month has outperformed the market by gaining 10 per cent, as compared to a 5.5 per cent rise in the S&P BSE Sensex.
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