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.
"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.
Read more Business news
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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.
"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.
Read more
Business news
