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Airtel To Raise Money Via Equity; Board Meeting Set For August 29
In order to raise money for clearing dues, Airtel announced that it will have a board meeting on August 29, 2021. The telecom operator is looking for ways to raise funds through equity or equity-linked debt instrument or a combination.
Similarly, market analysts believe that the telecom operator is exploring all options to pay adjusted gross revenue (AGR) and spectrum dues, which is close to Rs. 13,000 crores, which has to pay in the first six months of the next year. Besides, analysts said that fundraising will improve Airtel's balance sheet.
"We wish to inform you that a meeting of the board of directors of the company is scheduled on Sunday, August 29, 2021, to inter-alia consider various capital raising options through equity or equity-linked or debt instruments or any combination thereof, as the board may deem appropriate," Airtel said in a notice to the stock exchanges.
Financial Issues In Industry
It is worth noting that telecom operators are facing a huge financial crunch as they have to pay AGR and spectrum dues to the Department of Telecommunication. Recently, COAI has also written a letter to DoT for the reforms in the telecom sector as Vodafone-Idea is facing major issues in the country.
"Indian telecom sector remains one of the most heavily taxed sectors. The Government needs to recognize that the current revenue sharing regime of around 32 percent of revenue outgo as taxes and levies are unsustainable and will always be detrimental to the growth of the Industry due to perennial lack of surplus cash to reinvest," S. P. Kochhar, Director-General, COAI, said.
Airtel already raised $12 billion in the last two years and again planning to raise funds to clear all dues. However, the latest fundraising plans come at that time when Airtel wants to pay AGR dues in the coming months. In addition, the company has to clear payment of the recently purchased spectrum.
Besides, the company needs money for the 5G spectrum auction, which is expected to take place in the first half of the next year, which is why we believe that the company's money-raising plans come at the perfect time.
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99,999
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1,29,999
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69,999
-
41,999
-
64,999
-
99,999
-
29,999
-
63,999
-
39,999
-
1,56,900
-
79,900
-
1,39,900
-
1,29,900
-
65,900
-
1,56,900
-
1,30,990
-
76,990
-
16,499
-
30,700
-
12,999
-
11,999
-
3,999
-
2,500
-
3,599
-
8,893
-
13,999
-
32,999
-
9,990
-
25,377
-
23,490