Airtel promoters, promoter group, GIC to invest Rs 16,785.7 crore in rights issue

NEW DELHI: The promoter group of Bharti Airtel, including the Bharti Group and SingTel, will subscribe to Rs 11,785.7 crore in the Rs25,000-crore rights issue floated by India’s no. 2 telco, while Singapore government’s investment arm GIC Pvt. Ltd. will be subscribing to shares worth Rs 5000 crore.

Last week, Airtel’s board had approved plans to raise Rs 32,000 crore through equity and bond sales in one of the largest such exercises by an Indian company. Of this, Rs 25,000 crore will be raised by way of a right issue and another Rs 7,000 crore will be mobilised through foreign currency perpetual bonds.