The telecom major Airtel on Friday said that it Rs. 25,000 crore rights issue has been oversubscribed as per the initial data received. The rights issue of the company opened on May 3 and closed on May 17, 2019.

"The company would like to bring to your notice that, based on preliminary information received, the rights issue has been over-subscribed," the company said in a regulatory filing.

The applications received in the rights issue are subject to verification and clearing of payments, and finalisation of the basis of allotment, it added.

In the rights issue, the company intended to mop up capital via issuance of fully paid-up shares at a price of Rs 220 per share, an additional Rs 7,000 crore through a foreign currency perpetual bond issue.

The funds will help the company to continue its endeavours in building large network capacity as well as collaborate for content creation and technology to enhance the customer experience.

The offer price for the rights issue was fixed at Rs. 220 apiece and the stock ended 0.84% higher at Rs. 328.20 on the BSE.

The company for the March quarter reported an increase in net profits by 29%.

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