INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Shares of Bharti Airtel climbed over 2 per cent in morning trade on Monday after the firm on Friday informed bourses that its Rs
25,000 crore rights issue has been over-subscribed as per the preliminary information received.
The company's rights issue, which had
opened on May 3, closed for subscription on Friday.
"The company would like to bring to your notice that, based on preliminary information
received, the rights issue has been over-subscribed," the company said in a regulatory filing.
The applications received in the rights issue
are subject to verification and clearing of payments, and finalisation of the basis of allotment, it added.
Airtel had announced the rights
issue to raise up to Rs 25,000 crore through issuance of fully paid-up shares at a price of Rs 220 per share, and additional Rs 7,000 crore
through a foreign currency perpetual bond issue.
The company had said the capital infusion will help it continue investments in future
rollouts to build large network capacity and create content and technology partnerships to ensure strong customer experience.
The company
had previously also received a commitment from its single-largest shareholder Singtel, promoters, and GIC Singapore to participate in the Rs
32,000-crore fundraiser.
Shares of Bharti Airtel traded 2.32 per cent up at Rs 335.80 on BSE around 10:10 am.
(With inputs from PTI)