INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Telecom major Bharti Airtel on Friday said its Rs 25,000 crore rights issue will open on May 3 and close on May 17
Earlier, the company had fixed April 24 as the record date for the issue.
The telecom major had earlier this month received Sebi approval to
raise the funds in a bid to boost its balance sheet and create necessary headroom for spending more on its 4G networks to take on Reliance
Jio.
The Sunil Mittal-led firm has set April 24 as the record date for the issue
crore over the last three years, by selling stakes in Bharti Infratel, the DTH business, its Africa business and by divesting towers in
Africa and operations in two countries.
Edelweiss Securities said the fresh fund raising will help bring down debt-to-equity ratio of Bharti
Airtel and Vodafone Idea to 0.9 times (from 1.5 times and 1.6 times) and tailing 12-month net debt-to-Ebitda to 3.5 times and 23.6 times
