NEW DELHI: Shares of telecom giant Bharti Airtel climbed 1 per cent on BSE in morning trade on Wednesday on reports that the company is planning to raise funds to give a boost to its business operations.
However, the scrip failed to hold altitude and cooled off soon.
Shares of the company were trading at Rs 330.05 apiece, up 0.47 per cent around 9:50 am.
The benchmark Sensex was 0.60 per cent up at 35,726 at that time.
As per a report in ET, the company is planning to raise Rs 12,000-15,000 crore through issue of fresh shares in the current fiscal year as part of its strategy to create a war chest of about Rs 30,000 crore in three tranches to reduce debt and financing costs, bolster cash flows and meet capital expenditure in its battle against Reliance Jio Infocomm.
Bharti Airtel has net consolidated debt of Rs 1,14,557 crore, of which the Indian operations borrowings amount to about Rs 80,000 crore.
This includes outstanding spectrum payments of nearly Rs 46,000 crore.
Meanwhile, the equity market was trading in positive territory, backed by decent gains in bank, IT and FMCG counters, including Infosys, HDFC Bank twins, TCS, ITC and IndusInd Bank.