Rising debt led promoters to dilute holding: Sunil Mittal

Kolkata: Bharti Airtel chairman Sunil Bharti Mittal said promoters don’t like reducing holdings by choice, but the telco’s founders were forced to lower their stake as the company needed capital with its debt surging, stung by a mix of adjusted gross revenue (AGR) dues and the need to be competitive in a cut-throat market.

He added that Airtel’s move to raise Rs 21,000 crore through a rights issue would help the telco tap growth opportunities, with 5G set to hit India in 2022 and its growing digital business.