Bharti Airtel's Rs 24,939-crore rights issue fully subscribed

The bulk of the proceeds from the share issue will be used to repay debt and lower borrowing costs

Bharti Airtel's Rs 24,939-crore  rights issue, the largest fundraising exercise by the company, garnered good response, with the offering seeing more demand than the number of shares on offer. 

"Based on preliminary information received, the rights issue has been oversubscribed," the company said in a statement to the BSE. An investment banker handling the issue said the rights issue had garnered 105 per cent subscription. 

The data provided by the National Stock Exchange (NSE) and the BSE, however, showed the offering had garnered bids for only 690 million shares-61 per cent of the issue size of 1.13 billion shares. Bankers