Bharti Airtel board
On August 29, the Bharti Airtel board of directors will begin fundraising. The board will explore raising funds through equity, equity-linked, debt, or any combination of these vehicles.Bharti Airtel disclosed its fundraising ambitions in a notice to stock exchanges, stating that “We wish to inform you that a meeting of the Board of Directors of the Company is scheduled on Sunday, August 29, 2021, to inter-alia consider various capital raising options through equity or equity-linked or debt instruments or any combination thereof, as the board may deem appropriate.”
On August 29, the board will begin fundraising. The board will explore raising funds through equity, equity-linked, debt, or any combination of these vehicles. The board meet is ahead of the AGM on August 31. There was no evident need for funds, thus this was a surprising action. It has Co raised $ 1.25 billion through debt earlier this year, and $ 2 billion through a QIP in January 2020. In FY21, Net Debt/EBIDTA is 3.7x.
Jefferies further says that ,” Bharti's capital raising announcement has come as a surprise to us as there is no immediate need to raise capital, in our view. A capital raise to enhance capacity in anticipation of large market share shifts from VIL could be seen positively, however any stake bought in Indus Towers may be seen negatively.”
Source: Times Now
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