Airtel shares up 1% on BSE a day after rights issue closes

Kolkata: Bharti Airtel shares rose over 1% in Friday morning trade on BSE a day after a host of big-ticket fund houses, including Lion Meadow Investment, Mirae Asset Large Cap Fund, EuroPacific Growth Fund, SBI Life Insurance, LIC, ICICI Prudential MF, SBI MF and Nippon MF bid for shares in the telco’s near Rs 21,000-crore rights issue that closed Thursday and was oversubscribed.

Airtel shares were trading 1.25% higher at Rs 705.10. Friday morning trade on BSE.

Late Thursday evening, Airtel in an exchange filing, had said “the rights issue had been subscribed by approx. 1.44 times, overbid by both the public and promoter/ promoter group”. It had added that the “applications received in the rights issue are subject to verification and clearing of payments, as applicable, and finalisation of the basis of allotment”.