AGR verdict: Bharti Airtel seeks shareholders nod for raising $3 billion through equity dilution, debt funding
Last week, Bharti Airtel announced that its board has approved raising $4 billion through equity dilution and debt funding.
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Through an Extraordinary General Meeting (EGM), it sought approval to raise $2 billion through qualified institutional placement, public issue, preferential shares or private placement
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The remaining up to $1 billion are sought to be raised through Foreign Currency Convertible Bonds (FCCB) or debentures
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The EGM will be held on 3 January 2020
New Delhi: Telecom operator Bharti Airtel on Tuesday said it has sought shareholders' approval for raising $2 billion in equity and another $1 billion in debt to pay for statutory dues arising out of a recent Supreme Court ruling.
Airtel logo. Reutuers.
Through an Extraordinary General Meeting (EGM), it sought approval to raise $2 billion through qualified institutional placement, public issue, preferential shares or private placement. The remaining up to $1 billion are sought to be raised through Foreign Currency Convertible Bonds (FCCB) or debentures, the company said in an EGM notice.
The EGM will be held on 3 January 2020.
"The aggregate amount of proceeds in one or more issuances or tranches shall not exceed overall limit of $4 billion or its equivalent in Indian rupees or in other currency out of which, an amount up to $3 billion shall be raised by the company on immediate basis...," the notice said.
Last week, the company announced that its board has approved raising $4 billion through equity dilution and debt funding.