Bharti Airtel’s board will meet on Friday to assess a fundraising proposal, the company told the stock exchange on Monday.
The fundraising plan precedes the 5G spectrum auction proposal and is the second such exercise in three months. Last October, the company raised around Rs 21,000 crore through a rights issue and has already raised over Rs 5,200 crore in the first round of payout.
The board meeting will review and assess the proposed issuance of shares by preferential issue (other than to promoters/group of promoters), it said in the notification.
Earlier this month, Bharti Airtel decided not to proceed with its corporate restructuring exercise which could have led to the merger of all digital assets into the listed entity and the spin-off of the core telecoms business. in a separate branch.
Airtel had cited better investment prospects and a simplified licensing framework as reasons for its decision not to pursue corporate restructuring. Industry sources said regulatory headwinds have eased for telecom companies after the reform package announced last October. It changed the definition of adjusted gross income (AGR), streamlined bank guarantees and introduced an additional moratorium on contributions.