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Dolat Capital Report
Bharti Airtel Ltd.'s board approved capital raise of Rs 210 billion through rights issue at Rs 535/share with 25% upfront payment and balance within 36 months.
It would amount to ~7.1% dilution and 14% discount to today’s share price. These would be fourth dilution by Airtel in 2.5 years.
Promoter Sunil Bharti Mittal addressed investors (nearly after a decade) concern on persistent capital raise highlighting of significant opportunities available for growth acceleration in 5G, broadband, fiber etc. and thus it would be better capitalised then regret later on losing opportunities.
Bharti Airtel call imbibes confidence on growth, governance, promoter vision, team's execution and consequent business and financial trajectory.
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