Moneycontrol
Get App
you are here: HomeNewsBusiness
Last Updated : Dec 10, 2019 10:36 PM IST | Source: PTI

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.

 
 
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.

Close

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.

Last week, the company announced that its board has approved raising $4 billion through equity dilution and debt funding.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Dec 10, 2019 10:35 pm
Sections
Follow us on