Bharti Airtel's Rs 21,000-crore rights issue opens today i.e. October 5. The rights shares will be issued at a price of Rs 535 per fully paid-up share, including face value of Rs 5 and a premium of Rs 530 per share. The rights issue will close on October 21 and up to 392,287,662 shares will be offered under the aegis of the rights issue.
In a rights issue, the company offers rights to its existing share holders to buy additional shares. The eligible share-holders will receive one share for every 14 shares held on the record date. The record date for determining shareholders' eligibility to participate in the rights issue is September 28.
The decision on the rights issue was taken by the special committee of directors for the rights issue on September 22, 2021.
Bharti Airtel is the second largest telco in the Indian telecom market, next only to Reliance Jio, with a mobile user base of 35.2 crore.
At 9:28 am, Bharti Airtel shares were trading higher by 0.7 per cent at Rs 686.67 on the BSE. The BSE Sensex and NSE Nifty were trading flat, with a negative bias, at the time.