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ICICI Direct Report
Bharti Airtel Ltd. announced that its board has approved raising up to Rs 21,000 crore via rights issue at Rs 535 per share, with rights entitlement ratio at one equity share for every 14 equity shares held, implying equity dilution of ~7%.
Issue price will be 25% on application and balance in two more additional calls within 36 months.
The promoter and promoter group will collectively subscribe to the full extent of their aggregate rights entitlement along with any unsubscribed portion.
Sunil Bharti Mittal, promoter and Chairman, outlined Bharti Airtel's aspirations as-
average revenue per user to reach Rs 200 levels by FY22 end and eventually to Rs 300,
lowering of leverage and
healthy return ratios in teens versus single digit, currently.
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