Airtel board approves ₹21,000 cr rights issue

Bharti Airtel Ltd’s board approved a proposal to raise as much as ₹21,000 crore by selling stocks to existing shareholders, as the telecom operator seeks to expand its network amid intense competition with Reliance Jio Infocomm Ltd.

The board fixed the sale price for the rights issue at ₹535 apiece, with 25% of the amount to be paid on application and the balance in two more tranches, based on the company’s requirements, within 36 months, Bharti Airtel said in stock exchange filings on Sunday. Shareholders will be eligible to buy one share for every 14 held.