Bharti Airtel's Rs 21,000 crore rights issue to open on October 5

Bharti Airtel, #business news, #rights issue, #telecom sector

File image

The Rs 21,000 crore rights issue of telecom major Bharti Airtel would open on October 5, the company said in a regulatory filing on September 22. The closing date of the issue was stated as October 21, 2021.

The dates were finalised at the Board of Directors’ meeting held earlier today. The company also noted that the ‘Record Date’, for the purpose of determining the shareholders who shall be eligible to receive the rights entitlement in the issue, is September 28.

The issue size has been fixed as “up to 392,287,662 Rights Equity shares”, Bharti Airtel said, and reiterated the rights issue price of Rs 535 per fully paid-up equity share, including face value of Rs 5 and premium of Rs 530 per equity share.

The rights entitlement ratio entails one equity share for every 14 equity shares held by eligible shareholders as on the record date.

Notably, the telecom firm’s board had first approved the plan to raise up to Rs 21,000 crore capital via rights issue on August 29.

The mega fundraising is bound to give more firepower to Airtel, as the company takes on rivals in the fiercely-competitive Indian telecom market.

Sunil Mittal-led Bharti Airtel is the second largest telco in the three private player market and as per subscriber data released by telecom regulator recently, Airtel added 38.1 lakh wireless subscribers in June, pushing up its mobile user base to 35.2 crore.

Vodafone Idea Ltd (VIL), the third operator in the sector, is struggling to stay afloat and analysts have sounded an alarm over potential risk of the market turning into a duopoly.

VIL lost about 42.8 lakh subscribers during June, and its user base shrunk to 27.3 crore, compounding woes of the debt-laden telco that is in grip of an existential crisis.

With PTI inputs

Internet Explorer Channel Network
News Related

OTHER NEWS

AI Code of Ethics will help eliminate risks linked with use of AI — Infowatch

The Code establishes general ethical principles and standards of conduct to guide those involved in activities using artificial intelligence Read more »

GE lifts 2021 earnings forecast, flags 'challenging operating environment'

The General Electric Co. logo is seen on the company's corporate headquarters building in Boston, Massachusetts, U.S. July 23, 2019Alwyn Scott | Reuters General Electric announced an upward revision to ... Read more »

Independent content creators ‘underpaid', ‘overworked' and close to burnout: Report

Independent content creators–those who have tens of thousands of subscribers on online channels–are stressed and under-compensated, going by the largest survey of creators ever done. This when social-media platforms seem ... Read more »

Why U.S. gasoline prices vary so much from state to state

As gas prices climb to seven-year highs in America, drivers in some states are hit much harder than those in others. The average gas price in the U.S. was $3.378 ... Read more »

Verizon partners with Amazon to use Project Kuiper satellite internet for rural broadband

INDIA – 2019/08/30: In this photo illustration a popular wireless communication application Verizon logo seen displayed on a smartphone. (Photo Illustration byAvishek Das | SOPA Images | LightRocket | Getty ... Read more »

Digitization continues, but SMEs lag behind

The digitization of companies in the Netherlands has accelerated since the corona crisis. According to figures from Statistics Netherlands, in 2019 we were already the fourth ‘most advanced digital economy’ ... Read more »

Promoter IDFC writes to IDFC First Bank on unlocking value for shareholders

IDFC Financial Holding Company, a subsidiary of IDFC Ltd, has triggered a conversation with IDFC First Bank on its eventual exit from the promoter position after the expiry of the ... Read more »

IRB Infra to raise Rs 5,347 crore from GIC & Spain's Cintra; deleveraging & growth capital deal drivers

Representative Image (Source: ShutterStock) IRB Infrastructure Developers Limited has struck two separate equity fundraises through preferential allotments to Cintra, an arm of Spanish infrastructure major Ferrovial and Singapore’s GIC, the ... Read more »

Subscribe to FSN E-Commerce Ventures: Prabhudas Lilladher

Prabhudas Lilladher IPO report on FSN E-Commerce Ventures We recommend Subscribe Rating to IPO of FSN E-Commerce Ventures which operates Nykaa, India’s largest Omni channel play across Beauty and Fashion ... Read more »

Raffles Education responds to RegCo queries on annual report, as Oei Hong Leong dumps his shares

SINGAPORE (THE BUSINESS TIMES) – Billionaire Oei Hong Leong has cut his stake in Raffles Education Corp (REC) to less than 1 per cent after dumping around 90 million shares ... Read more »

ABP stops investing in fossil fuel producers

”We are withdrawing from investments in fossil fuel producers (oil, gas and coal). The board of ABP has decided this after recently published climate reports. There is a lot of ... Read more »

Buying gas from third countries will cost Moldova more than from Russia, says Kremlin

According to Russian presidential spokesman Dmitry Peskov, work is underway to agree on the terms of the contract between Moldova and Gazprom Read more »

Subscribe to FSN E-Commerce Ventures: Hem Securities

Representative image Hem Securities IPO report on FSN E-Commerce Ventures FSN E-Commerce Ltd have a diverse portfolio of beauty, personal care and fashion products, including its owned brand products manufactured ... Read more »

IKEA buys former Topshop store in London's Oxford Circus

IKEA's strategy has recently shifted from occupying large warehouse-like outlets on town and city outskirts to using inner-city properties to cater to changing shopper behaviour and increasing urbanisation. Read more »

Axis Bank Q2 profit jumps 86% to Rs 3,133 crore on significant fall in provisions

Axis Bank Private sector lender Axis Bank on October 26 reported a healthy 86.2 percent year-on-year (YoY) growth in standalone profit at Rs 3,133.32 crore for the quarter ended September ... Read more »

First code of ethics of artificial intelligence signed in Russia

The Code will become part of the Artificial Intelligence federal project and the Strategy for the Development of the Information Society for 2017-2030 Read more »

Alibaba Group Holdings lost $344 billion in market capitalisation post-Chinese crackdown: Reports

Alibaba (Source: Reuters) Chinese billionaire Jack Ma-founded Alibaba Group Holdings lost a whopping $344 billion in market capitalisation, reported Bloomberg on October 26. This is seen as the biggest wipe ... Read more »

Moneycontrol Pro Panorama | Numbers add up as TechM gets into reboot mode

Dear Reader, The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by ... Read more »

Buy Subros; target of Rs 415: Khambatta Securities

500bps growth outperformance over FY21-24E as compared to 250bps earlier). We roll over valuations to Sepemtember-23E and increase target multiples for most of the companies in our coverage universe. We remain broadly constructive ... Read more »

Taking Stock: Sensex up 383 points, Nifty above 18,250; mid, smallcaps outshine

The market extended the previous day’s gains to rise 0.5 percent on October 26, supported by the auto, realty, metal, oil & gas stocks. At close, the Sensex was up ... Read more »

Hold Polycab India; target of Rs 2342: Prabhudas Lilladher

Prabhudas Lilladher’s research report on Polycab India We cut our FY22 earnings by 13.4% given 1) RM volatility led margin pressure and 2) focus on topline growth and market share ... Read more »

Why the next electric battery boom may be in cargo ships

A cargo ship filled with containers moves through New York Harbor as it heads out to the Atlantic ocean on October 12, 2021 in New York City.Spencer Platt | Getty ... Read more »

Americans are buying Teslas, not EVs, but experts say that's about to change

The logo marks the showroom and service center for the US automotive and energy company Tesla in Amsterdam on October 23, 2019.John Thys | AFP | Getty Images Americans aren't ... Read more »

Accumulate Colgate Palmolive; target of Rs 1852: Prabhudas Lilladher

Prabhudas Lilladher’s research report on Colgate Palmolive We are cutting EPS estimates by 6.4%/3.1%/3.5% for FY22/FY23/FY24 on the back of 1) Increased Input cost inflation and 2) Low volume growth ... Read more »

Gainers & Losers: 10 stocks that moved the most on October 26

The benchmark indices ended higher for the second consecutive day on October 26  on the back of gains in auto, realty and metal stocks. At close, the Sensex was up ... Read more »

IMFA Q2 PAT jumps over 3-folds to Rs 144 crore

Indian Metals & Ferro Alloys (IMFA) on Tuesday posted an over three-fold jump in its consolidated profit after tax (PAT) at Rs 143.71 crore during the September quarter, mainly on ... Read more »

Rupee recovers 12 paise to end at 74.96 against US dollar

The rupee snapped its two-session losing streak to settle 12 paise higher at 74.96 (provisional) against the US dollar on Tuesday, tracking a positive trend in domestic equities. At the ... Read more »

Buy Crompton Greaves Consumer Electricals target of Rs 530: Prabhudas Lilladher

Prabhudas Lilladher’s research report on Crompton Greaves Consumer Electricals We increase our FY22/ FY23/ FY24 earnings by 6.3%/ 2.7%/ 2% and reiterate BUY on Crompton. Crompton remains optimistic of sustaining ... Read more »

Interbank suffers defeat in revolving credit interest rate issue

Photo: ANP Credit provider Interbank has suffered a defeat for the complaints institute Kifid in the ongoing case about excessively high interest rates paid by customers with revolving credit. The ... Read more »

Interbank suffers defeat over interest rate strangulation loans

Like other banks, Interbank kept interest on variable-rate revolving credit high for years while market rates fell. Kifid therefore ruled last year that the lender had to recalculate the interest ... Read more »

Top Green Initiatives That Will Ensure Success for Your Business

Organizations have a huge role in the conservation of the earth. With changing and rapidly growing consumers’ awareness about business’s social responsibilities, green initiatives are becoming more important for success. ... Read more »

Who will win the Dhanlaxmi Bank boardroom battle? Division bench asks single judge to decide on merits of ex-directors' plea

A division bench of the Kerala high court has asked a single-judge bench to examine the merits of a petition filed by former directors against Dhanlaxmi Bank and the Reserve ... Read more »

Moldova posts new 1 mln cubic meters of gas purchase tender

The cost of contracts is not disclosed Read more »

Levi's promotes Sanjeev Mohanty to head US and Canada operations

A Levi’s truck in a society in Gurugram (Image: Twitter/@Grammar_nazzzi) Sanjeev Mohanty, the current senior vice president and managing director of South Asia-Middle East and Africa for Levi Strauss & ... Read more »

Silver prices fall below Rs 66,000/kg on stronger rupee; weak global trend

Silver prices fell below Rs 66,000 per kg on October 26 on firm rupee, ETF outflows and weakness in gold and industrial metals. The precious metal has risen 0.57 percent ... Read more »

Buy The Ramco Cements; target of Rs 1106: Motilal Oswal

Motilal Oswal’s research report on The Ramco Cements TRCL’s 2QFY22 result reflects volume recovery in South India, post the slowdown seen during COVID-19 lockdowns. Volume improved by 27% QoQ and ... Read more »

Sources: German government to lower economic growth forecast

Photo: ANP The German government is slashing its economic growth forecast for this year, sources in Berlin reported. According to the insiders, the growth forecast for the largest economy in ... Read more »

Reliance Industries and bp launch first Mobility Station under Jio-bp

Jio-bp will also set up a network of EV Charging Stations and Battery Swap Stations, at its Mobility Stations and other standalone locations – Mobility Points. Reliance Industries Limited (RIL) ... Read more »

Buy Tata Consumer Products; target of Rs 945: Motilal Oswal

Motilal Oswal’s research report on Tata Consumer Products Gross margin pressure eased off in 2QFY22 which has been impacting since the last four quarters due to tea cost inflation. The ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic