Importantly, there won’t be any cash outflow. The consideration of ₹28,220 crore will be paid by issuing 146.76 million shares of Bharti Airtel to ICIL at ₹1,923, which is far above Wednesday’s closing price of ₹1,789.20. This will mean equity dilution of 2.4% for Bharti Airtel, but it would be marginally earnings per share (EPS) accretive.
