INSUBCONTINENT EXCLUSIVE:
board of directors has approved fund raising up to Rs 32,000 crore, through rights issue and perpetual bonds.The board, in its meeting
during the day, approved a proposal to raise Rs 25,000 crore through rights issue and Rs 7,000 crore through perpetual bonds, Bharti Airtel
said in a regulatory filing."The board approved the issuance of fully paid-up equity shares of the company for an amount aggregating upto Rs
25,000 crore by way of a rights issue to eligible equity shareholders of the company as on the record date (to be notified subsequently),"
the filing said.The board also approved "perpetual bonds of upto $1 billion (Rs 7,000 crore) denominated in foreign currency subject to
price, market conditions and other terms and conditions as acceptable, and with conditions allowing for full accounting equity credit and
subject to all applicable laws including under ECB (external commercial borrowings) Regulations."The rights would be issued at Rs 220 per
equity share, which have a face value of Rs 5 per share
Bharti Airtel on the BSE settled at Rs 317.95 per share on Thursday, lower by Rs 2 or 0.63 per cent from the previous close.
