To compete with Reliance Jio, Bharti Airtel to build Rs 32,000 crore war chest

Bharti Airtel has finalised a fund-raising plan of up to Rs 32,000 crore through a combination of Rs 25,000-crore rights issue and a Rs 7,000-crore perpetual bonds float to build a war chest to reduce debt and increase 4G network coverage to compete with Reliance Jio.

In a stock exchange filing on Thursday, Bharti said the company’s board of directors has considered the recommendations of the special committee of directors for fund-raising and thereby approved the same. “The board approved the issuance of fully paid-up equity shares of the company for an amount aggregating up to Rs 25,000 crore by way of a rights issue to eligible equity shareholders of the company as on the record date (to be notified subsequently),” the firm said in its filing.