Bharti Airtel promoters, GIC to subscribe half of rights issue

n Promoters of Bharti Airtel along with Singapore government’s investment arm GIC Private Ltd will subscribe to over half of the proposed Rs 32,000 crore rights issue in a bid to infuse funds in the company.

“The entire rights entitlement of promoter and promoter group of approximately Rs 167,857 million (Rs 16,785.7 crore) will be subscribed by them and GIC,” Bharti Airtel said in a statement on Thursday.

The statement further added that the promoter and promoter group will subscribe to Rs 117,857 million (Rs 11,785.7 crore) and GIC will subscribe to Rs 50,000 million (or Rs 5,000 crore) by way of renouncement in their favour.

One of the promoters. Singapore Telecommunications Ltd (Singtel), said it would infuse Rs 3,750 crore in Bharti Airtel by subscribing to the proposed Rs 25,000 crore rights issue of the company.