Bharti Airtel has raised Rs 52.46 billion in the first tranche of its Rs 210 billion rights issue. With this, the board has cleared the allotment of 392,287,662 rights equity shares to eligible applicants.
Subscribers to the issue had to pay 25 per cent on application and the balance has to be paid in two more additional calls, within 36 months.
Airtel shareholders will receive one share for every 14 held, at Rs 535 a unit, implying 7 per cent dilution.
The paid-up equity share capital of the company accelerated from Rs 27.46 billion to Rs 27.95 billion. This comprises of 5,492,027,268 fully paid-up equity shares of Rs 5 each and 392,287,662 partly paid-up equity shares of Rs 1.25 each.
The rights issue was opened for subscription on October 5, 2021 and closed on October 21, 2021. The issue was subscribed approximately 1.44 times. The rights issue received bids from companies like Lion Meadow Funding, Mirae Asset Giant Cap Fund, EuroPacific Progress Fund, SBI Life Insurance coverage, LIC, ICICI Prudential MF, SBI MF and Nippon MF.
