Bharti Airtel’s board has approved the issuance of equity shares at 5 rupees apiece as it seeks to raise up to 21,000 crores ($387 million) of capital in the company.

On Aug 30, the board announced that it has approved the rights issue price at 535 rupees per fully paid-up equity share, which includes a premium of 530 rupees per equity share.

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In terms of the payment, the board has agreed that 25% on application and balance in two more additional calls may be decided by the board based on the company’s requirements within 36 months.

The rights entitlement ratio of one equity share for every 14 equity shares held by eligible shareholders as on the record date has also been determined.

Shares in Singtel closed 2 cents lower or 0.84% down at $2.36 on Aug 27.