The company also noted that the ‘Record Date’, for the aim of determining the shareholders who shall be eligible to receive the rights entitlement within the issue, is September 28.

The issue size has been fixed as “up to 392,287,662 Rights Equity shares”, Bharti Airtel said, and reiterated the rights offering price of Rs 535 per fully paid-up equity share, including face value of Rs 5 and premium of Rs 530 per equity share.

The stock was trading at Rs 728.90, up Rs 2.15, or 0.30 percent. It touched an intraday high of Rs 735.00 and an intraday low of Rs 727.

The scrip was trading with volumes of two ,399,160 shares, compared to its five-day average of 1,311,450 shares, a rise of 82.94 percent.

The mega fundraising is sure to give more firepower to Airtel, because the company takes on rivals within the fiercely-competitive Indian telecom market.

Jay Thakkar, vice chairman and Head of Equity Research at Marwadi Shares and Finance features a buy recommendation on the stock with target of Rs 770-795 per share.

“The stock, after having provided a breakout from a sideways consolidation, has been trending higher, forming higher tops and better bottoms, with a rise in volumes and fresh buy crossover in its momentum indicators,” he said.

“The scrip has also seen an extended build-up on the derivatives front, which further confirms that the trend is robust within the short term. Hence, we recommend it for a target of Rs 770-795, with a stop-loss of Rs 696,” he added.

The Union Cabinet’s relief package is probably going to incorporate a moratorium on payments for airwaves, will help India’s three major wireless carriers including Bharti Airtel.