Rs 5246.85 crore bagged by Bharti Airtel in first tranche of its Rs 21,000-crore rights issue
By MYBRANDBOOK
In the first tranche of Bharti Airtel’s Rs 21,000-crore rights issue, the company has raised Rs 5246.85 crore. The board has cleared the allotment of 392,287,662 rights equity shares to eligible applicants, with Rs 133.75 paid on application. The rest of the amount of the issue will be paid in two other calls.
“Accordingly, pursuant to the aforesaid allotment, the paid-up equity share capital of the company has increased from Rs 27,460.14 million to 27,950.49 million, consisting of 5,492,027,268 fully paid-up equity shares of Rs. 5 each and 392,287,662 partly paid-up equity shares (Rs. 1.25 partly paid-up),” the carrier said in a statement to the stock exchanges.
The rights issue of Bharti Airtel was open for subscription on October 5 and closed on October 21. Companies like Lion Meadow Investment, Mirae Asset Large Cap Fund, EuroPacific Growth Fund, SBI Life Insurance, LIC, ICICI Prudential MF, SBI MF and Nippon MF bid for shares. The company had said that the issue had been subscribed approx. 1.44 times, “overbid by both the public and promoter/ promoter group”.
Airtel’s promoter group – the Mittal family and SingTel – hold nearly 56% of the telco with the rest held by the public. The Mittal family, directly and indirectly, owns around 24.13% while SingTel holds 31.72%.
Subscribers to the issue needed to pay 25% on application and the rest in two additional calls as may be decided by Airtel’s board, though within 36 months. The shareholders of Airtel will receive one share for every 14 held in the telco at Rs 535 a unit, implying a 7% dilution.
The company has planned to use the issue proceeds to bolster its balance sheet and build a war chest to clear its statutory dues, expand 4G networks, and prepare for an upcoming 5G spectrum auction.
Airtel’s net debt at June end was around Rs 1.6 lakh crore, implying a net debt to Ebidta ratio of around three times, which was deemed “comfortable” by sectoral analysts.
BREAKING NEWS
TECHNO TRENDS
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
SAP launches cloud services to help Indian scaleups innovate m
SAP at SAP unveils now "GROW with SAP for Scaleups," a new cloud service d...
Denodo and Sonata form alliance to unlock data-to-value creati
Denodo and Sonata Information Technology India Limited (SITL) have annou...
Google Play Store will now let users download two apps simulta
Google Play Store now lets users download two apps simultaneously. While a...
E-Magazine
TECHNOTAINMENT
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
Salman Khan trolled for singing with B Praak at Anant Ambani's
To celebrate Mukesh Ambani's youngest son Anant Ambani’s 29th birthday
MOVERS & SHAKERS
DigiCert names Atri Chatterjee as CMO
DigiCert has announced the appointment of Atri Chatterjee as Chief Market
Amagi names its Chief Product Officer
Amagi announced the appointment of Richard Perkett as its Chief Product Of
OPEN YOUR EYES
INTERVIEWS
Technology and a robust partner network help position Allied T
Allied Telesis in India has a strong and growing team that is very customer
Cisco committed to help build trusted, resilient future for or
Cisco is delivering on its promise of the AI-driven Cisco Security Cloud to
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
HIMACHAL FUTURISTIC COMMUNICATIONS LTD.
VERSA NETWORKS INDIA PVT. LTD.
HAVELLS INDIA LTD.
DIGISOL SYSTEMS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Bhavish Aggarwal
Ola CEO Bhavish Aggarwal had formed Ola-India’s largest mobility pla...
Technology Icons Of India 2023: Amitabh Kant
Amitabh Kant is presently the G20 Sherpa of India during its Presidenc...
Technology Icons Of India 2023: Som Satsangi
With more than three decades in the IT Sector, Som is responsible for ...
PARTNER SPEAKERS
PSU
HPCL is transforming the energy landscape, across the nation and beyond
HPCL is world-class energy company known for caring and delighting the...
BSE provides highly secure, efficient and transparent market for trading
BSE (formerly known as Bombay Stock Exchange Ltd.) is Asia's first & t...
PGCIL transforming India with its wide power transmission network
Engaged in power transmission, POWERGRID or PGCIL is a stated owned In...
VIDEOS
Top 25 Brands
Value-Added Distribution
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...
Crayon Software Experts India Pvt Ltd
Crayon helps its customers build the commercial and technical foundati...
B D SOFTWARE
BD Software is the distributor of IT security solutions in India. The ...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
