Bharti Airtel seeks shareholders’ nod to raise funds for paying AGR dues
New Delhi: Bharti Airtel on Tuesday said it will seek approval of its shareholders to raise $4 billion (approximately ₹28,300 crore) via a combination of equity and debt. The approval would be sought at the company’s extraordinary general meeting (EGM) scheduled on 3 January, it said in an exchange filing.
The board of directors of the company had already approved the telecom operator’s fund raising plan.
The company needs to go for the massive fund raising exercise following the 24 October order of the Supreme Court in the 14-year-long dispute between the government and telecom operators on the definition of adjusted gross revenues (AGR). The apex court asked the companies to pay these dues within three months.