Bharti Airtel says Rs 25,000 cr rights issue has been over-subscribed

Telecom operator Bharti Airtel said Friday that about Rs 25,000 crore rights issue has been “over-subscribed” as per the preliminary information received.

The company’s rights issue, which had opened on May 3, closed for subscription on Friday.

“The company would like to bring to your notice that, based on preliminary information received, the rights issue has been over-subscribed,” the company said in a regulatory filing.

The applications received in the rights issue are subject to verification and clearing of payments, and finalisation of the basis of allotment, it added.

Airtel had announced the rights issue to raise up to Rs 25,000 crore through issuance of fully paid-up shares at a price of Rs 220 per share, and additional Rs 7,000 crore through a foreign currency perpetual bond