Bharti Airtel shares jump nearly 5% after board approves Rs 21,000 crore rights issue

Bharti Airtel shares closed nearly five per cent higher on Monday after its board approved a rights issue to raise Rs 21,000 crore on Sunday.

Bharti Airtel Limited’s shares jumped nearly 5 per cent on Monday after the telco’s approved a plan to raise Rs 21,000 crore by selling stocks to existing shareholders. The move to raise capital is aimed at expanding its network and tackle rising competition in the sector. Shares of Bharti Airtel ended 4.44 per cent on the Bombay Stock Exchange (BSE) at Rs 620.35. On the National Stock Exchange (NSE), Bharti Airtel’s shares closed over 5 per cent higher at Rs 625.