Airtel will raise funds through equity capital; Board meeting set for August 29

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In order to raise funds for the compensation of dues, Airtel has announced that it will hold a board meeting on August 29, 2021. The telecom operator is looking for ways to raise funds through shares or d ‘debt instruments linked to shares or a combination.

Airtel will raise funds through equity;  Board meeting set for August 29

Likewise, market analysts believe the telecom operator is exploring all options to pay adjusted gross income (AGR) and spectrum fees, which are close to Rs. 13,000 crore, which must pay in the top six. month of the following year. Additionally, analysts said the fundraising would improve Airtel’s balance sheet.

“We would like to inform you that 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 shares or debt, or any combination thereof, as the board of directors may deem appropriate, ”Airtel said in an exchange notice.

Financial problems in the industry

It should be noted that the telecom operators are facing a huge financial crisis as they have to pay AGR and spectrum fees to the telecom ministry. Recently, COAI also wrote a letter to DoT for reforms in the telecommunications sector as Vodafone-Idea faces major problems in the country.

“India’s telecommunications sector remains one of the most heavily taxed sectors. The government must recognize that the current revenue sharing regime of about 32% of revenue, as taxes and charges are unsustainable and will always be detrimental to the growth of the industry due to the continued lack of excess liquidity in the industry. reinvest, ”said SP Kochhar, CEO of IBOC.

Airtel has already raised $ 12 billion in the past two years and plans to raise money again to pay all dues. However, the latest fundraising plans arrive at this point when Airtel wants to pay AGR dues in the coming months. In addition, the company must offset payment for the recently purchased spectrum.

Also, the company needs money for the 5G spectrum auction, which is slated to take place in the first half of next year, which is why we believe the company’s fundraising plans are coming to the. good time.

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Article first published: Thursday August 26th, 2021, 12:44 PM [IST]

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