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Airtel’s rights issue gets oversubscribed; acquisition of Tikona’s 4G assets completed

May 30, 2019
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Bharti Airtel has said that its rights issue for shares worth over 1.13 billion has been oversubscribed as it has received bids for over 1.19 billion stocks.

Airtel had floated a rights issue of up to 1,133,591,075 shares, aggregating to over Rs 249.39 billion. The company plans to use the proceeds from the rights issue to reduce its debt of around Rs 1.15 trillion. The promoter group firms had also participated in the rights issues and the transactions led to decline in the promoter group firms’ shareholding from 67.14 per cent in March 2019 to 62.71 per cent in May 2019.

Meanwhile, Airtel has also completed the acquisition of Tikona Digital's 4G assets. This includes broadband spectrum and 350 sites across five circles. The deal size was about Rs 16 billion.


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