Telecom major Bharti Airtel today informed the stock exchanges that the nearly ₹21,000 crore worth of rights issue has been subscribed 1.44 times, overbid by both public and promoter group.

“The applications received in the rights issue are subject to verification and clearing of payments, as applicable, and finalization of the basis of allotment,” the company said in a filing.

Airtel’s board in August approved fundraising by way of rights issue, amid plans to expand its network and prepare for the launch of 5G services, at a price of ₹535 per share, including premium of ₹230.

The mega fundraising is bound to give more firepower to Airtel as the company takes on rivals in the fiercely-competitive Indian telecom market. Right issue is one way through which companies raise additional capital by offering to its existing shareholders to buy additional shares.

On Thursday, Airtel stock is down 1.69% to settle at ₹696.50 on NSE.

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