- Saturday, April 20, 2024
By: Shubham Ghosh
INDIA’S telecom giant Bharti Airtel on Sunday (29) said it plans to raise Rs 210 billion ($2.86 billion) by selling shares to existing shareholders ahead of the 5G network’s rollout.
In a notice to the stock exchange, the telco said, “The board of directors… comprehensively reviewed the industry scenario, business environment, financial/business strategy of the company and approved the company’s plan to raise further capital.”
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Bharti Airtel said the shares will be priced at Rs 535 each ($7.31).
Sunil Mittal, the telco’s billionaire chairman, would take part in the issue along with other founding members, the firm said.
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“In addition, they will also subscribe to any unsubscribed shares in the issue,” it added.
In May, India’s communications ministry authorised trials of the superfast 5G wireless technology.
The trials are being done by Airtel and other telecom service providers Reliance JioInfoComm, Vodafone Idea and MTNL.
