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Airtel’s Rs 25,000 crore rights issue oversubscribed

PW Bureau

While the offer price was fixed at Rs 220 per share, the scrip ended at Rs 328.20 apiece on the BSE, 0.84 per cent higher than the previous close

New Delhi: Telecom service provider Bharti Airtel’s Rs 25,000 crore rights issue has been oversubscribed as subscription closed on Friday, the company said in a regulatory filing. The rights issue had opened on May 3. “The company would like to bring to your notice that, based on preliminary information received, the rights issue has been over-subscribed,” Airtel said.

The telco also added that the applications received in the rights issue are subject to verification and clearing of payments, and finalisation on the basis of allotment.

What is Airtel going to do with the proceeds?

Airtel said that the capital infusion will help the telecom company in future rollouts to expand network capacity and create content and technology partnerships to ensure strong customer experience.

The telecom service provider had also got a commitment from Singtel and GIC Singapore to participate in the Rs 32,000-crore fundraiser. Singapore telecom major SingTel said that it will pour Rs 3,750 crore in Bharti Airtel by subscribing to the rights issue of the company, while GIC, on behalf of Singapore government and the Monetary Authority of Singapore, had promised to infuse Rs 5,000 crore in the proposed plan.

Scrip ended at Rs 328.20 apiece on BSE

While the offer price was fixed at Rs 220 per share, the scrip ended at Rs 328.20 apiece on the BSE, 0.84 per cent higher than the previous close.