The Rs 21,000 crore rights offering of telecom major Bharti Airtel would open on October 5, the corporate said during a regulatory filing on September 22. The deadline of the difficulty was stated as October 21, 2021.

The dates were finalised at the Board of Directors’ meeting held earlier today. the corporate also noted that the ‘Record Date’, for the aim of determining the shareholders who shall be eligible to receive the rights entitlement within the issue, is September 28.

The issue size has been fixed as “up to 392,287,662 Rights Equity shares”, Bharti Airtel said, and reiterated the rights offering price of Rs 535 per fully paid-up equity share, including face value of Rs 5 and premium of Rs 530 per equity share.

The rights entitlement ratio entails one equity share for each 14 equity shares held by eligible shareholders as on the record date.

Notably, the telecom firm’s board had first approved the decide to agitate to Rs 21,000 crore capital via rights offering on August 29.
The mega fundraising is sure to give more firepower to Airtel, because the company takes on rivals within the fiercely-competitive Indian telecom market.

Sunil Mittal-led Bharti Airtel is that the second largest telco within the three private player market and as per subscriber data released by telecom regulator recently, Airtel added 38.1 lakh wireless subscribers in June, pushing up its mobile user base to 35.2 crore.

Vodafone Idea Ltd (VIL), the third operator within the sector, is struggling to remain afloat and analysts have sounded an alarm over potential risk of the market turning into a duopoly.