Bharti Airtel has shareholders’ approval for raising $2 billion in equity and an additional $1 billion in debt to pay off the statutory dues. These dues have surfaced following the recent Supreme Court ruling in the AGR matter.
The shareholders’ approval will be sought through an extraordinary general meeting (EGM) which will be held on January 03, 2020.
Bharti Airtel plans to raise $2 billion through qualified institutional placement, public issue, preferential shares or private placement. Meanwhile, the remaining $1 billion are sought to be raised through foreign currency convertible bonds (FCCB) or debentures.
Earlier, Airtel had announced that its board of directors had given approval to raise $4 billion through equity dilution and debt funding.