Business / Singtel, promoters, GIC commit to participate in Bharti Airtel Rs 32K cr fund raise

Singapore telecom major SingTel said it will infuse Rs 3,750 crore in Bharti Airtel by subscribing to the proposed Rs 25,000 crore rights issue of the company. Telecom operator Bharti Airtel has received commitment from its single-largest shareholder Singtel, promoters and GIC Singapore to participate in its Rs 32,000 crore capital raising programme. Singapore, has made a commitment of Rs 5,000 crore in programme.

Singapore telecom major SingTel said it will infuse Rs 3,750 crore in Bharti Airtel by subscribing to the proposed Rs 25,000 crore rights issue of the company.

GIC Private Limited, on behalf of Government of Singapore and Monetary Authority of Singapore, has made a commitment of Rs 5,000 crore in the proposed programme.

"The entire rights entitlement of Promoter and Promoter Group of approximately Rs 167,857 million (Rs 16,785.7 crore) will be subscribed by them and GIC, with Promoter and Promoter Group subscribing to Rs 117,857 million (Rs 11,785.7 crore) and GIC subscribing Rs 50,000 million (or Rs 5,000 crore) by way of renouncement in their favour," Bharti Airtel said in a statement.