The Department of Telecom (DoT) had on Tuesday approved raising of foreign direct investment in Bharti Airtel to 100 per cent from 49 per cent allowed earlier, a stock exchange filing of the company had said.
Bharti Airtel has raised capital to meet the liability, but VIL remains challenged. Airtel last week raised capital of US $3 bn, which should help it meet its AGR liability with the help of additional debt.
With the Supreme Court dismissing its review petition on AGR dues, telecom company Bharti Airtel on Thursday said it is disappointed, and evaluating options to file a curative petition in the matter.
The Supreme Court Thursday dismissed the plea of Telecom majors, including Bharti Airtel and Vodafone Idea, seeking review of certain directions of the Supreme Court on recovery of past dues amounting to Rs 1.47 lakh crore from telecom service providers.
As per the tie-up, Airtel customers would be able to participate in an interactive quiz on the Airtel Xstream application and also get an opportunity to win movie tickets besides meeting the cast and crew.
Shareholders of Bharti Airtel have approved proposals to raise up to USD 2 billion in equity and another USD 1 billion in debt. The proposal for issuance of securities for amount up to USD 2 billion received 99.99 per cent votes in favour of the special resolution at the company's EGM held on January 3, a regulatory filing showed.
Amid suspension of services in parts of Delhi earlier in the day, Bharti Airtel Chairman Sunil Mittal said the company had complied with a government directive in this regard.
While telecom operators requested for minimum price for mobile data only, the regulator has also sought public comments on fixing minimum price for phone calls by January 17 and counter comments by January 31.
According to the data shared, highest financial disincentive of Rs 1.76 crore has been imposed on Vodafone Idea, which includes Rs 1.11 crore on account of call drop in Vodafone network and Rs 65 lakh on Idea, while minimum penalty of Rs 6.5 lakh was levied on Reliance Jio.
Bharti Telecom, a promoter of Bharti Airtel, has sought government nod for the infusion of Rs 4,900 crore investment from Singapore-based Singtel and other foreign entities, a move that would make the country's oldest private telecom operator a foreign entity.
Telecom operator Bharti Airtel has removed cap from free outgoing calls on other networks under its new plans for pre-paid customers that came into effect from December 3.
Telecom operator Bharti Airtel's board on Wednesday approved raising USD 4 billion through equity dilution and debt funding. The board for now has given its go-ahead to raise up to USD 3 billion and has also approved raising an additional USD 1 billion, an official said.
Potential payment of past due fees weighs on the credit profile of Bharti Airtel Ltd despite spectrum moratorium and price hikes, it said.
After hitting 52-week high in previous session, shares of Bharti Airtel on Tuesday fell over 1 per cent after Moody's said AGR dues are credit negative for the telecom operator. The stock was trading 1.32 per cent down to Rs 452.50 on the BSE. On the NSE, the stock declined 1.46 per cent to Rs 451.90.
Shares of Vodafone Idea were trading at Rs 8.38, up 22.69 per cent, on the BSE. The stock rose 22.63 per cent to Rs 8.40 on the NSE.
The biggest index contributor RIL, jumped over 3 per cent on the Nifty and Bharti Airtel as much as 8 per cent, but overall 34 scrips Nifty50 stocks traded in the red while only 16 advanced during the early trade.
After private-sector players like Bharti Airtel, Vodafone Idea and Reliance Jio announced their plans to raise tariffs, mobile calls and internet charges will go up to 50 percent in the country from December 3.
Telecom operator Bharti Airtel on Sunday said it will raise call and data plan charges for pre-paid customers from December 3, becoming the second operator after Vodafone Idea to announce an increase in its tariffs.
Telecom operator Bharti Airtel would seek approval of its board on December 4 to raise an estimated USD 3 billion (around Rs 21,500 crore), banking sources closely following the development said on Friday.
Along with Bharti Airtel, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Limited have submitted their bids. "Bharti Airtel seems to be the highest bidder with bids of around Rs 9,500 crore. However, the final result will be known on Friday after the committee of creditors (CoC) opens all the bids," the source said.
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