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NEW DELHI: Shares of telecom giant Bharti Airtel fell over 1 per cent after its shareholders approved a proposal to raise up to Rs 10,000 crore in debt.
The company in a filing to BSE said that its shareholders have also approved transfer of company's investment in its wholly-owned subsidiary, Bharti Airtel International (Mauritius) to Network i2i, another wholly-owned subsidiary.
Over 99 per cent of the shareholders approved special resolution of the company to "issue of unsecured/secured redeemable non-convertible debentures/bonds by way of private placements", PTI reported the company as saying.
Following the report, the stock fell 1.44 per cent to hit a low of Rs 355.05 on BSE.
The news has come at a time scrapped plans to sell a controlling stake in its tower unit Bharti Infratel for now and instead decided to sell 21.63 per cent share in the company.
Airtel decided to transfer up to 400 million shares to its wholly-owned unit Nettle Infrastructure Investments in tranches with the aim of selling the stake, partly or fully, when valuations are better.
Bharti Airtel: Bharti Airtel tumbles as firm decides to raise Rs 10K crore in debt - The Economic Times
The company in a filing to BSE said that its shareholders have also approved transfer of company's investment in its wholly-owned subsidiary, Bharti Airtel International (Mauritius) to Network i2i, another wholly-owned subsidiary.
Over 99 per cent of the shareholders approved special resolution of the company to "issue of unsecured/secured redeemable non-convertible debentures/bonds by way of private placements", PTI reported the company as saying.
Following the report, the stock fell 1.44 per cent to hit a low of Rs 355.05 on BSE.
The news has come at a time scrapped plans to sell a controlling stake in its tower unit Bharti Infratel for now and instead decided to sell 21.63 per cent share in the company.
Airtel decided to transfer up to 400 million shares to its wholly-owned unit Nettle Infrastructure Investments in tranches with the aim of selling the stake, partly or fully, when valuations are better.
Bharti Airtel: Bharti Airtel tumbles as firm decides to raise Rs 10K crore in debt - The Economic Times
