Bharti Airtel Board To Mull Fund-Raising Plans On August 29; Stock Slides 2%

The board of Bharti Airtel, India's second largest telecom company, will meet on August 29 to consider various fundraising plans. The money will be raised through a combination of equity, equity-linked instruments or debt instruments.

"A meeting of the board of directors of the company is scheduled on Sunday, August 29, 2021, to inter-alia consider various capital raising options through equity or equity linked or debt instruments or any combination there-of," Bharti Airtel said in a regulatory filing to the stock exchanges on Wednesday.

The move by Bharti Airtel to raise funds comes at a crucial juncture as the entire telecom sector is facing financial stress. The Supreme Court recently refused to provide any relief on payment on adjusted gross revenue (AGR) dues.

At 12:30 am, Bharti Airtel shares were trading at Rs 594.70, lower by 2.9 per cent, on the BSE in a subdued market.