Bharti Airtel will subscribe more than half the rights issue to promoter, GIC

The major telecommunications company, Bharti Airtel, will buy more than half of its promoter and GIC in a rights issue of Rs 32,000 crore. GIC is Singapore’s official autonomous wealth fund.

Airtel has announced the acquisition of shares worth Rs 16,785.7 crore along with promoters in the rights issue. The promoter of the company will buy shares of Rs 11,785.7 crore and GIC 5,000 crore rupees. 

Singapore Telecom, a promoter of Airtel, has announced an investment of Rs 3,750 crore in the company. Singapore Telecom will invest this by purchasing 17 million new shares at a rate of 220 rupees.

Significantly, with the new investment, Singapore Telecom’s 35% share of Airtel will be held and it will remain the largest shareholder in Airtel.
On the other hand, Airtel’s share in BSE is open at Rs 309.50 as compared to the last closed price of Rs 309.35. It is running at a flat price of Rs. 309.35 at about 12.30. At this level, the company’s market capitalization is Rs 1,23,659.57 crore. At the same time, its last 52-week peak is Rs 429.00 and the lowest level is 277.00 rupees. 

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