Bharti Airtel Ltd. on Wednesday said its rights issue of over 113.3 crore shares has been oversubscribed, with bids received for over 119.6 crore stocks.
“The total number of applications received were 27,335 for 1,196,630,354 equity shares which is 105.561 percent of the issue size in terms of equity shares applied for,” Airtel said in a print advertisement.
The Airtel rights issue had 113.35 crore shares on offer at face value of Rs 5 each and share price of Rs 220 apiece—aggregating up to Rs 24,939 crore.
“Out of total 27,335 composite application forms (including 11,830 ASBA application) received, 34 CAFs were rejected on technical grounds,” the advertisement said.
Promoter group firm Bharti Telecom Ltd. also participated in the Airtel rights issue, except to the extent of 22.72 crore shares renounced in favour of GIC Pte Ltd acting on behalf of the Government of Singapore and Monetary Authority of Singapore.
These transactions led to decline in holding of promoter group firms from 67.14 percent in March 2019 to 62.71 percent in May. Stake of Bharti Airtel’s majority shareholder Bharti Telecom has come down to 41.24 percent.
The Sunil Mittal family and Singapore telecom firm Singtel-owned Bharti Telecom held 50.1 per cent stake in Bharti Airtel at the end of March 2019.
The Singapore government entities now jointly hold over 24.73 crore shares.―Bloomberg Quint