Rs 5246.85 crore bagged by Bharti Airtel in first tranche of its Rs 21,000-crore rights issue
By MYBRANDBOOK
In the first tranche of Bharti Airtel’s Rs 21,000-crore rights issue, the company has raised Rs 5246.85 crore. The board has cleared the allotment of 392,287,662 rights equity shares to eligible applicants, with Rs 133.75 paid on application. The rest of the amount of the issue will be paid in two other calls.
“Accordingly, pursuant to the aforesaid allotment, the paid-up equity share capital of the company has increased from Rs 27,460.14 million to 27,950.49 million, consisting of 5,492,027,268 fully paid-up equity shares of Rs. 5 each and 392,287,662 partly paid-up equity shares (Rs. 1.25 partly paid-up),” the carrier said in a statement to the stock exchanges.
The rights issue of Bharti Airtel was open for subscription on October 5 and closed on October 21. Companies like Lion Meadow Investment, Mirae Asset Large Cap Fund, EuroPacific Growth Fund, SBI Life Insurance, LIC, ICICI Prudential MF, SBI MF and Nippon MF bid for shares. The company had said that the issue had been subscribed approx. 1.44 times, “overbid by both the public and promoter/ promoter group”.
Airtel’s promoter group – the Mittal family and SingTel – hold nearly 56% of the telco with the rest held by the public. The Mittal family, directly and indirectly, owns around 24.13% while SingTel holds 31.72%.
Subscribers to the issue needed to pay 25% on application and the rest in two additional calls as may be decided by Airtel’s board, though within 36 months. The shareholders of Airtel will receive one share for every 14 held in the telco at Rs 535 a unit, implying a 7% dilution.
The company has planned to use the issue proceeds to bolster its balance sheet and build a war chest to clear its statutory dues, expand 4G networks, and prepare for an upcoming 5G spectrum auction.
Airtel’s net debt at June end was around Rs 1.6 lakh crore, implying a net debt to Ebidta ratio of around three times, which was deemed “comfortable” by sectoral analysts.
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