Bharti Airtel Plans to Raise Up to Rs. 21,000 Crores via Share Sale in Preparation for 5G Launch

Bharti Airtel said it plans to raise up to Rs. 21,000 crores via a sale of shares to existing shareholders as it builds a war chest to prepare for the launch of 5G services. "The share sale exercise is aimed at creating a war chest of approximately Rs. 21,000 crores with the proceeds to be used to fund a share buyback programme (which is expected to commence within the next three years) and for strategic initiatives that support our business, brand and customer experience," Bharti Airtel said in a filing to the BSE. The Bharti Airtel board has authorised a share buyback programme of up to 2.5 per cent of the company's fully diluted paid-up capital. "The proceeds of the sale of shares, when added to any proceeds of future share buyback programs, will be utilised to support strategic initiatives and to fund business initiatives including a substantial increase in our spending on customer-focused technology," the statement said. The company, which has a market capitalisation of Rs. 9,521 crores, plans to sell a combined total of 6.8 million (Rs. 20.10 crore per share) ordinary and preferential shares with face value of Rs. 10 each. The company's current book value is Rs. 21,080.45 crores. Post the share sale exercise, the company's total debt will rise to Rs. 9,636 crores and its net debt will rise to Rs. 8,871 crores. (This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.) 

 

 

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