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October 17 2021 7:32 AM ˚

India's Airtel to raise $2.86b through rights issue

(Photo: Airtel India facebook page)
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NEW DELHI— India's telecom giant Bharti Airtel said Sunday it plans to raise $2.86 billion by selling shares to existing shareholders ahead of the rollout of its 5G network.اضافة اعلان

"The board of directors ... comprehensively reviewed the industry scenario, business environment, financial/business strategy of the company, and approved the company's plan to raise further capital," the telco said in a notice to the stock exchange.

Sunil Mittal, the billionaire chairman of Bharti Airtel, and other founding members of the company would take part in the issue, the New Delhi-headquartered firm said.

"In addition, they will also subscribe to any unsubscribed shares in the issue," it added.

India's communications ministry in May authorized trials of the super-fast 5G wireless technology.

The trials are being conducted by Airtel and other telecom service providers Reliance JioInfoComm, Vodafone Idea and MTNL.

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