Bharti Airtel fell more than 3 percent intraday on April 9 despite getting Securities and Exchange Board of India’s (Sebi) approval to raise Rs 25,000 crore via rights issue.
“SEBI has given its nod for the rights issue” a senior government official said on April 8.
The promoter group of Bharti Airtel, including the Bharti Group and SingTel, will subscribe to Rs 11,785.7 crore in the Rs 25,000-crore rights issue while Singapore government’s investment arm GIC Pvt. Ltd will be subscribing to shares worth Rs 5,000 crore.
The funds raised will help the country’s second-largest telco to strengthen its balance sheet and get financial flexibility to take on the trailing Reliance Jio
At 1056 hrs, Bharti Airtel was quoting Rs 342.05, down 3.46 percent on the BSE.