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Bharti Airtel gains ahead of board meet to consider raising funds

Bharti Airtel gains ahead of board meet to consider raising funds

Bharti Airtel gains ahead of board meet to consider raising funds
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By CNBC-TV18 Feb 28, 2019 11:44:41 AM IST (Published)

Bharti Airtel shares rose over 2 per cent in early trade on Thursday, ahead of a board meeting to consider raising funds later today.

Bharti Airtel shares rose over 2 per cent in early trade on Thursday, ahead of a board meeting to consider raising funds later today.

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“A meeting of the board of directors of the company is scheduled on February 28, to inter alia, consider recommendations of a special committee of directors for fund raising,” the telco said in a regulatory filing on BSE.
A proposal for raising funds by issue of equity shares, bonds/debentures, or other securities, including through qualified institutions placement, rights issue, preferential issue or through any other permissible mode or a combination thereof, subject to regulatory/statutory approvals as may be required and determination of issue price, if any, the filing said.
The stock rose a high of Rs 326, up over 2 percent intraday on BSE. It was currently trading 1 percent higher at Rs 323. In comparison, the S&P BSE Sensex gained 0.3 percent to 36,011.
The telecom giant reported a surprise profit of Rs 86 crore in the October-December quarter, helped by robust customer additions and expansion in mobile data volume. Bharti Airtel had reported a net profit of Rs 306 crore in the comparable quarter previous fiscal. Revenues for Q3 came in at Rs 14,768 crore, declining by 2.3% on a year-on-year basis.
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