to raise 210 billion rupees, about $2.9 billion. It puts the $44 billion group on a stronger financial footing to weather an ongoing price war and face a 5G rollout. Shares will be offered at a not-too-large discount of 10% to Friday’s closing price, and the deal is underwritten by top investor Sunil Mittal Bharti.
It underscores a solid position in a cutthroat industry.is clinging on to 255 million subscribers but is straining under net debt of more than 11 times its EBITDA in the year to March 2020. It also faces a funding crunch by December if it doesn’t refinance or find new strategic investors. Backers Kumar Mangalam Birla and Britain’s Vodafone
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