Bharti Airtel falls; rights issue priced at discount

The rights issue is priced at Rs 220 per share

Bharti Airtel Ltd’s shares fell as much as 4.39 in their biggest intra-day percentage drop since February 14.

The company approved raising up to Rs 320 billion ($4.52 bln) via rights issuance of up to Rs 250 billion and perpetual bond with equity credit up to Rs 70 billion.

The rights issue is priced at Rs 220 per share.

Sources said that the total number of shares outstanding would increase by 28 per cent.

The company’s stocks were at its lowest since February 21.