Airtel may raise up to Rs 16,000 crore, names new CEO

NEW DELHI: The board of Bharti Airtel on Thursday approved the appointment of Shashwat Sharma as MD & CEO from Jan 1 as Gopal Vittal will take charge as executive vice chairman for a period of five years.

The board also green-lighted access of the remaining around Rs 15,740 crore proceeds from the Rs 21,000 crore rights issue that was originally issued in Sept 2021 as it looks to reduce debt and strengthen its balance sheet.

"As per the objects of the issue, the proceeds from the Call on the partly paid-up equity shares will be utilised primarily for pre-payment/ repayment of borrowings (including accrued interest) and general corporate purposes. Following the pre/repayment of the borrowings and along with its organic cash generation, the company's India operations are expected to become effectively net debt-free in the near term except for DoT liabilities and Finance Lease Obligations, thereby further strengthening its balance sheet," it said.

The board cleared the appointment of CFO Soumen Ray as group chief financial officer and Akhil Garg as CFO (Airtel India), effective Jan 1.


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