Airtel Board of Directors to Meet Today to Consider Fundraising Options
Bharti Airtel’s board of directors will meet on Sunday to review various fundraising plans, including equity and debt. “A meeting of the board of directors of the company is scheduled for Sunday, August 29, 2021, to consider, among other things, various options for raising capital through equity instruments or linked to equity or debt or any combination of these, “Bharti Airtel said in a regulatory filing with stock exchanges earlier Wednesday.
The Board of Directors to consider options for raising capital through equity or equity-linked debt instruments or any combination thereof, including through the issuance of rights, placement qualified institutions, preferential issuance, convertible instruments issued in the country or bonds convertible into foreign currencies, or warrants on a preferential or marketed basis, or long-term debt in rupees or in foreign currencies or any other mode, including any combination of these, he added, reports the PTI news agency.
The move is expected to give Airtel more power, as the company faces competitors in the Indian telecoms market that are now gearing up for 5G. Last year, the Supreme Court said telecom operators would be required to make payment of 10 percent of total dues by March 31, 2021, while the balance of dues must be paid in annual installments. from April 1, 2021 until March. March 31, 2031, payable no later than March 31 of each subsequent fiscal year.
According to subscriber data recently released by the telecommunications regulator, Bharti Airtel added 38.1 lakh of wireless subscribers in June, bringing its mobile user base to 35.2 crore. Reliance Jio gained 54.6 million users in June, as its mobile subscriber base grew to 43.6 crore in that month. Vodafone Idea lost around 42.8 lakh of subscribers in June and its user base fell to 27.3 crore.
During the monsoon session of Parliament, the Minister of State for Communications, Devusinh Chauhan, informed Rajya Sabha in a written response that although the total AGR dues of various telecommunications companies (both private and public) is totaled in ??1,69,048.65 crore, total payment ??30,283.59 crore has been received to date, and nearly ??1,38,765 crore is overdue to pay.