Shares of Bharti Airtel on Monday gained over 4 per cent after the companys board approved raising up to Rs 21,000 crore by way of rights issue.

The stock jumped 4.44 per cent to close at Rs 620.35 on the BSE. During the day, it rose by 5.21 per cent to Rs 624.90.

On the NSE, it gained 4.25 per cent to close at Rs 620.45.

The companys market valuation zoomed Rs 14,499.91 crore to Rs 3,40,697.91 crore on the BSE.

In traded volume terms, 10.75 lakh shares were traded at the BSE and over 3.97 crore units at the NSE during the day.

Telecom operator Bharti Airtels board on Sunday approved raising up to Rs 21,000 crore by way of the rights issue, at a price of Rs 535 per share, according to a regulatory filing.

The mega fundraising is bound to give more firepower to Airtel, as the company takes on rivals in the fiercely competitive Indian telecom market.

Airtels board, which met to consider the companys capital raising plans, cleared the rights issue price of Rs 535 per fully paid-up equity share, including a premium of Rs 530 per equity share.

In a BSE filing, Airtel said that the ...board approved the issuance of equity shares of the face value of Rs 5 each of the company on a rights basis to eligible equity shareholders of the company as on the record date (to be notified later), of an issue size of up to Rs 21,000 crore.

A rights issue is an offer to existing shareholders to buy additional new shares in the company.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Write us

Find us at the office

Zawodniak- Bushar street no. 43, 41415 Nouakchott, Mauritania

Give us a ring

Janeicia Dischner
+77 583 658 542
Mon - Fri, 10:00-15:00

Tell us about you