Indian wireless carrier Bharti Airtel (BRTI.NS) said on Sunday it intends to grow up to 210 billion rupees ($2.86 billion) by means of a sale of shares to existing shareholders as it constructs a war chest to get ready for the launch of 5G services.
Bharti said the shares would be priced at 535 rupees each, which is around a 10% discount to Friday’s end of 595.15 rupees.
Bharti founder-chairman Sunil Mittal and others in the founder group will likewise partake in the share buy, the organization said in a statement.
The organization said that shareholders would be qualified to get one share for each 14 share they hold in the telecom firm.
India, one of the world’s greatest telecoms markets, has been overturned by billionaire tycoon Mukesh Ambani-controlled Jio Infocomm, which launched with free voice and cut-price information in late 2016.
With in excess of 352 million subscribers, Airtel is India’s second biggest carrier by clients after Jio.
Ambani has constrained a few opponents out of the market while others, for example, the local unit of Britain’s Vodafone (VOD.L) and India’s Idea converged to withstand Jio’s attack.
Ambani has likewise won the sponsorship of Facebook (FB.O) as well as Qualcomm and Intel (INTC.O) for his Jio Platforms digital unit, the parent of his telecoms venture.
Jio has developed its own 5G solution and Ambani has said the carrier will be first to launch 5G services in India.