Connect with us

Business

Airtel gets Sebi nod for Rs 25,000 cr rights issue

Agencies

Published

🕒

on

IST

New Delhi: Telecom operator Bharti Airtel has received market regulator Sebi’s approval to raise up to Rs 25,000 crore through rights issue, according to sources.

The board of the company had approved the rights issue proposal in February.

The Securities and Exchange Board of India (Sebi) has given green signal to the rights issue of Airtel, the sources said.

 

When contacted, Bharti Airtel spokesperson said, “the company is in process of obtaining requisite approvals and shall make necessary announcements at an appropriate time”.

The board has earlier approved the rights issue to raise up to Rs 25,000 crore through issuance of fully paid up shares at a price of Rs 220 per share, and an additional Rs 7,000 crore via foreign currency perpetual bond issue.

The company had said the capital infusion will help it continue investments in future rollouts to build large network capacity and create content and technology partnerships to ensure the strong customer experience.

Last month, Airtel received commitment from its single-largest shareholder Singtel, promoters, and GIC Singapore to participate in the Rs 32,000 crore capital raising programme.

Singapore telecom major SingTel said it will infuse Rs 3,750 crore in Bharti Airtel by subscribing to the proposed Rs 25,000 crore rights issue of the company, while GIC Private Limited, on behalf of Singapore government and Monetary Authority of Singapore, has made a commitment of Rs 5,000 crore in the proposed programme.

Indian telecom players, including Airtel and Vodafone Idea Ltd, have outlined mega fund raising programmes to arm themselves with firepower to take on market competition intensified by Reliance Jio as well as pare debt.

Recently, the board of directors of India’s largest telecom operator Vodafone Idea cleared the planned Rs 25,000-crore rights issue at a price of Rs 12.50 per equity share.


Advertisement
Loading...
Comments

Business

India’s trade deficit narrows by 7.98% to $15.28 billion in June, exports falls by 9.71%

Agencies

Published

on

New Delhi: India’s trade deficit for June 2019 narrowed by 7.98 percent to USD 15.28 billion as against the deficit of USD 16.60 billion in June 2018, government data showed.

The country’s exports registered a negative growth of 9.71 percent during June 2019 to USD 25.01 billion as compared to USD 27.70 billion in June 2018. Non-POL exports for June 2019 declined by 5.73 percent; non-POL and non-gems and jewelry exports declined by 4.86 percent.

India’s imports in June 2019 too fell 9.06 percent to USD 40.29 billion in June 2019 as compared to USD 44.30 billion in June 2018, data further showed.

 

The major commodities which contributed towards decline exports in June 2019 have been Petroleum products (-32.85 percent), Rice (-28.05 percent), Cotton yarn/Fabrics/made-ups (-19.73 percent), Gems and Jewellery (-10.67 percent), Readymade garments (-9.18 percent), Organic & inorganic chemicals (-8.17 percent), and Engineering goods (-2.65 percent), data showed.

Import of petroleum crude & products in June 2019 (USD 11.03billion) has recorded a negative growth of 13.33 percent as compared to June 2018 (USD 12.73billion). In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 15.81 percent in June 2019 vis-à-vis June 2018 as per data available from World Bank, official data said.

Continue Reading

Business

It will take 2-3 days for scheduling to use Pakistani airspace: AI

Agencies

Published

on

New Delhi: Hours after the Pakistan Civil Aviation Authority ordered its airspace to be opened to all civilian traffic for flights between India and Pakistan, Air India official said that it will take 2 to 3 days for scheduling to use Pakistani airspace.

Indian airlines resumed flight operations over the Pakistan airspace, after the latter removed access restrictions, following Balakot airstrikes by the Indian Air Force in February. Air India was saddled with heavy financial losses following this.

The Ministry of Civil Aviation wrote on Twitter, “After cancellation of NOTAMS by Pakistan and India in the early hours of Tuesday, there are no restrictions on airspaces of both countries, flights have started using the closed air routes, bringing a significant relief for airlines”.

 

In March, Pakistan partially opened its airspace but did not allow Indian flight to fly over its airspace.

Since then, foreign carriers had been using Indian airspace have been forced to take costly detours because they cannot fly over Pakistan. The closure mainly affects flights from Europe to Southeast Asia.

Continue Reading

Business

RBI slaps Rs 7 cr penalty on SBI for violating various norms

Agencies

Published

on

Mumbai: The Reserve Bank of India said it has slapped a penalty of Rs 7 crore on the country’s largest bank SBI for non-compliance with norms related to NPA identification and fraud risk management, among others.

The penalty has been imposed on the bank for non-compliance of income recognition and asset classification (IRAC) norms, code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC), and fraud risk management and classification and reporting of frauds.

Giving details of the case, it said the statutory inspection of SBI with reference to its financial position as on March 31, 2017, revealed, non-compliance with IRAC norms, sharing of information about customers with other banks, reporting of data on CRILC, fraud risk management, and classification and reporting of frauds.

 

Based on the inspection report and other relevant documents, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for non-compliance with directions issued by the RBI.

“After considering the bank’s reply and oral submissions made in the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty,” the RBI said.

The penalty, RBI said, is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Continue Reading
Advertisement

Latest News

Subscribe to The Kashmir Monitor via Email

Enter your email address to subscribe to The Kashmir Monitor and receive notifications of new stories by email.

Join 1,011,643 other subscribers

Archives

July 2019
M T W T F S S
« Jun    
1234567
891011121314
15161718192021
22232425262728
293031  
Advertisement