At 2:20 pm, Bharti Airtel shares were trading lower by 0.4 per cent at Rs 694.50 on the BSE
Bharti Airtel’s Rs 21,000 crore rights issue, which was open between October 5 and October 21, was fully subscribed. The shares were issued at a price of Rs 535 per share, including face value of Rs 5 per share and a premium of Rs 530 per share. In a rights issue, a company offers rights to its existing share holders to buy additional shares.
The eligible share-holders will receive one share for every 14 shares held on the record date. The record date for determining shareholders’ eligibility to participate in the rights issue is September 28.
Bharti Airtel only collected 25 per cent payment upfront and the remaining 75 per cent will be collected over a three-year period in two tranches. The shares issued under the rights programme will be traded separately as partly-paid shares and the trading will take place from October 28.
Bharti Airtel is the second largest telco in the Indian telecom market, next only to Reliance Jio, with a mobile user base of 35.2 crore.
At 2:20 pm, Bharti Airtel shares were trading lower by 0.4 per cent at Rs 694.50 on the BSE. The BSE Sensex and NSE Nifty were trading lower by 0.2 per cent at the time.
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