Bharti Airtel falls 5% on 19:67 rights issue at Rs 220 per share

Shares of Bharti Airtel dipped 5 per cent to Rs 303 on the BSE in intra-day trade after the company said its board of directors approved a fund raising plan of up to Rs 32,000 crore through a mix of rights issue and bond.

“The board of directors of Bharti Airtel, in its meeting held on Thursday, February 28, 2019, has considered the recommendations of ‘Special Committee of Directors for Fund Raising’ and thereby approved the fund raising of upto Rs 32,000 crore through rights issuance of upto Rs 25,000 crore; and Perpetual Bond with equity credit upto Rs 7000 crore,” Bharti Airtel said in a regulatory filing.