Bharti Airtel’s $2.8 Billion Rights Issue

Linklaters advised the lead managers, as sole international counsel, on Bharti Airtel Limited’s rights issue, while AZB & Partners advised Bharti Airtel on the deal.

Bharti Airtel Limited (NSE:BHARTIARTL) issued paid-up equity shares for INR 21,000 crore (approx. US$2.8bn), which will be collected in three tranches, over a three-year period. This transaction represents the largest ever issuance of partly paid-up equity shares by a telecom company in India.

The rights issue was completed by way of a fast-track route and the proceeds from the issuance will be used to support Bharti Airtel in continuing to grow its business, including expanding the 4G network in India and investing in the upcoming 5G spectrum auction.

The lead managers on the transaction comprised Axis Capital Limited, BofA Securities India Limited, BNP Paribas, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, HDFC Bank Limited, ICICI Securities Limited, JM Financial Limited, J.P. Morgan India Private Limited and Kotak Mahindra Capital Company Limited.

Bharti Airtel Limited, also known as Airtel, is an Indian multinational telecommunications services company based in New Delhi, India. It operates in 18 countries across South Asia and Africa, as well as the Channel Islands. 

The transaction was led by Linklaters’ Head of South and Southeast Asia Capital Markets Amit Singh (Picture), with support from counsel Joseph Wolpin.

The AZB & Partners team included partners Varoon Chandra and Agnik Bhattacharyya, and senior associate Rahul Aggarwal.

Involved fees earner: Rahul Aggarwal – Azb & partners; Agnik Bhattacharyya – Azb & partners; Varoon Chandra – Azb & partners; Amit Singh – Linklaters; Joseph Wolpin – Linklaters;

Law Firms: Azb & partners; Linklaters;

Clients: Axis Capital Limited; Bharti Airtel Ltd.; BNP Paribas; BofA Securities India Limited (DSP Merrill Lynch Limited); Citigroup Global Markets India Private Limited; Goldman Sachs (India) Securities Private Limited; HDFC Bank Ltd; ICICI Securities Ltd.; J.P. Morgan India Private Limited; JM Financial; Kotak Mahindra Capital Co. Ltd.;

Author: Sonia Carcano