Bharti Airtel rights issue subscribed 1.44 times

Bharti Airtel rights issue to raise up to Rs 20,987.39 crore has been subscribed 1.44 times, the company said on Thursday. ''Based on preliminary information received, we wish to inform you that the Rights issue has been subscribed approximately 1.44 times, overbid by both public and promoter/promoter group.

“The applications received in the rights issue are subject to verification and clearing payments, as applicable, and finalisation of the basis of allotment,'' the company said in a regulatory filing. Bharti Airtel rights issue opened on October 5 and the company had fixed September 28 as the record date for rights entitlement.

The company's board had on August 29 approved raising up to Rs 21,000 crore by way of the rights issue for Rs 535 per share, including a premium of Rs 230.

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