Bharti Airtel Gains Over 1% On Fund-Raising Plans

Bharti Airtel shares gained more than 1 per cent on the BSE a day after the company's board approved fund raising funds. Bharti Airtel will raise up to Rs 21,000 crore by way of a rights issue to existing shareholders, the company said in a regulatory filing to the stock exchanges. At 12:20 pm, Bharti Airtel shares were trading at Rs 601.35, higher by 1.2 per cent, on the BSE, 

The shares will be priced at Rs 535 a share, a discount of around 10 per cent to Friday's close of Rs 595.15.

The shareholders will be eligible to buy one share for every 14 shares held in the telecom company.

Meanwhile, the Board of Bharti Airtel has constituted a Special Committee of Directors to decide the other terms and conditions of the rights issue, including the issue period and record date.

Airtel, With more than 352 million subscribers, is India's second biggest carrier by users after Reliance Jio,

The BSE Sensex and NSE Nifty were trading higher by 0.9 per cent each at the time.