Under the plan, Bharti Airtel is looking to sell new shares worth 250 billion rupees ($4.8 billion) for 220 rupees apiece, nearly 30% discount to its current stock price, and raise 70 billion rupees via foreign-currency denominated perpetual bonds.
(Mar 7): Singapore Telecommunications (Singtel) said it will buy roughly US$525 million ($712.4 million) worth Bharti Airtel stock as part of the Indian telecoms operator's plan to raise US$4.6 billion through new shares and bonds.
The fund raising plan, announced last month, is aimed at cutting debt and shoring up Bharti Airtel's balance sheet as the Indian telecom industry reels from the impact of a price war triggered by the entry of Reliance Jio Infocomm.
