Total wireless subscribers declined from 1,183.68 million at the end of Feb-19 to 1,161.81 million at the end of Mar-19, thereby registering a monthly decline rate of 1.85 per cent, says Telecom Regulatory Authority of India report.
The company said the capital infusion will help it continue investments in future roll-outs to build large network capacity and create content and technology partnerships to ensure the strong customer experience.
In a stock exchange filing on Thursday, Bharti said the company’s board of directors has considered the recommendations of the special committee of directors for fund-raising and thereby approved the same.
Last week, Bharti Airtel reported a 72 per cent drop in consolidated net income for the three months ended December 2018 at around Rs 86 crore, amid market turbulence triggered by cut-throat competition in its India operations.
The ratings agency said in a statement that the review will focus on the company’s commitments and plans to substantially reduce debt levels significantly over a short period of time; and plans to turn around the underlying Indian mobile operations.
Since Jio stormed in with introductory free data and voice services, the market has consolidated into three big providers, including Vodafone Idea Ltd., which completed its merger at the end of August.