Moneycontrol PRO
Upcoming Webinar:Join us for 'The Future Techshot' on Sept 22, 10:30am to gain insights into role of tech in streamlining businesses. Register Now!
you are here: HomeNewsBusiness

Bharti Airtel seeks shareholders nod for raising $3 billion

Through an Extraordinary General Meeting (EGM), it sought approval to raise $2 billion through qualified institutional placement, public issue, preferential shares or private placement.

December 10, 2019 / 10:36 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Telecom operator Bharti Airtel on December 10 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.

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 January 3, 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.

Close
Last week, the company announced that its board has approved raising $4 billion through equity dilution and debt funding.
PTI
first published: Dec 10, 2019 10:35 pm

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark