Bharti Airtel's Rs 21,000-crore rights issue to open on October 5

Telecom major Bharti Airtel will open its Rs 21,000-crore rights issue of shares on October 5. Shareholders of Airtel will receive one share for every 14 held in the telco at Rs 535 per unit.

The issue will close on October 21, 2021.

The issue size has been fixed as "up to 392,287,662 Rights Equity shares", the company said and reiterated that the price of Rs 535 per fully paid-up equity share is including the face value of Rs 5 and a premium of Rs 530 per equity share.

The 'Record Date' to determine the shareholders who shall be eligible to receive the rights entitlement in the issue is September 28.

The dates were finalised in a meeting of the board of directors held on September 22.

The board of Sunil Bharti Mittal-led telco had on August 29 announced plans to raise up to Rs 21,000 crore by selling shares to existing investors through a rights issue to eligible shareholders as on the record date.

The rights issue comes amid an expansion of the telco's 4G network even as the firm prepares for an auction of 5G airwaves.

Bharti Airtel is the second-largest telco in India's three private player market.

According to subscriber data released by telecom regulator TRAI recently, Airtel added 38.1 lakh wireless subscribers in June, raising its mobile user base to 35.2 crore.

Meanwhile, Bharti Airtel share was trading 0.31% higher at Rs 729 on BSE.