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Airtel's plan to raise funds to counter Reliance Jio has been backed by its promoters, largest shareholder Singtel and Singapore's sovereign wealth fund GIC. Promoters including Bharti Group and Bharti Telecom will also take part in the rights issue. They will subscribe to shares worth Rs 11, Post rights issue subscription, Singtel's stake in Airtel will be The Board of Bharti Airtel had approved the rights issue to raise up to Rs 25, crore through the issuance of fully paid up shares at a price of Rs per share and to raise an additional Rs 7, crore via the foreign currency perpetual bond issue. In one of the biggest capital infusions, this will enable the company to ready itself against Mukesh Ambani-promoted Reliance Jio, which has disrupted the sector since its entry in late , forcing consolidation in the telecom industry. The capital raise provides the company with adequate financial muscle, amidst the current intense competitive environment in the Indian mobile market, UBS said in a research note.