India’s Bharti Airtel prepares launch of 5G by planning to raise up to $2.86 billion via share sale

Indian wireless carrier Bharti Airtel said on Sunday it plans to raise up to 210 billion rupees ($2.86 billion) via a sale of shares to existing shareholders as it builds a war chest to prepare for the launch of 5G services.

Bharti said the shares would be priced at 535 rupees apiece, which is around a 10% discount to Friday’s close of 595.15 rupees.

Bharti founder-chairman Sunil Mittal and others in the founder group will also participate in the share purchase, the company said in a statement.