Shares of Bharti Airtel Ltd. surged nearly 3%, the most since Jan. 12, after the company said it will consider issuing shares on a preferential basis at its board meeting on Jan. 28.
- The equity shares will be issued to entities “other than” the promoter and promoter group, , the telecom services provider said in a exchange filing.
- Of the 34 analysts tracking the company, 31 maintained ‘buy’, two maintained ‘hold’ and one maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 21.7%.
Source: Bloomberg, Exchange Filing
Airtel fundraising move slightly doubtful
“Airtel share prices were up more than 4% today considering the telcos plan to raise funds via a preferential share issue. A meeting will be held on Friday, Jan 28 2022, to evaluate the proposal for the issuance of equity shares. Current promoter holdings are as follows Mittal Family -24.13%, Singtel-31.72%, rest by the public. Although, the move is slightly doubtful as earlier there was a rights issue of Rs 21,000 crore and now this. The company aims to get in 5G technologies as auctions will be held this year. The telecom space is very competitive and capital intensive and such steps are required to gain market share.”
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