Bharti Airtel has announced a final opportunity for holders of outstanding partly paid-up equity shares to clear their dues. The Special Committee of Directors for Rights Issue approved a reminder notice on July 1, 2026, for the payment of the First and Final Call amounting to ₹401.25 per share. This payment window is open from Thursday, July 2, 2026, to Thursday, July 16, 2026.

The call amount comprises ₹3.75 towards face value and ₹397.50 towards premium. Following the initial payment period earlier in 2026, the company received payments for 391,176,994 partly paid-up equity shares, which were subsequently converted into fully paid-up equity shares on March 18, 2026. However, 1,110,668 partly paid-up equity shares remain outstanding on which the call remains unpaid.

Payment Details and Interest

Shareholders are required to pay the call amount plus applicable interest. The Board has approved an interest rate of 10% per annum for the delay, computed from March 17, 2026, to July 1, 2026. The total amount payable includes the call money and this accrued interest.

Modes of Payment

Eligible shareholders can make payments through two primary modes. The first is the R-WAP facility, available via net banking or UPI on the KFin Technologies portal. The second option involves depositing a cheque or demand draft at designated collection centres of Kotak Mahindra Bank.

For resident shareholders, the instrument must be drawn in favour of 'Bharti Airtel - First and Final Call Allotment Account – R'. Non-resident shareholders must draw it in favour of 'Bharti Airtel - First and Final Call Allotment Account – NR'. Cash payments and part payments are strictly not accepted.

Consequences of Non-Payment

The company has outlined strict consequences for failure to pay the call by the deadline. Interest at 10% per annum will continue to accrue from March 17, 2026, until the actual date of payment. Additionally, the Board reserves the right to adjust any future dividend payable to the shareholder against the outstanding dues.

Most significantly, the partly paid-up equity shares held by defaulting shareholders, including the amount already paid at the time of application, shall be liable to be forfeited. This action will be taken in accordance with the Articles of Association of the Company and the Letter of Offer dated September 22, 2021.

Trading in the outstanding partly paid-up equity shares (ISIN: IN9397D01014) has been suspended since February 6, 2026. Shareholders who pay the call during the current period will be allotted fully paid-up equity shares under the existing ISIN (INE397D01024) upon completion of regulatory formalities, a process expected to take 2-3 weeks after the payment period closes.

Bharti Airtel has drawn bullish coverage from two prominent brokerages, with Nomura reiterating a Buy rating and a target price of ₹2,355, while CLSA has assigned an Outperform rating with a target price of ₹2,310. Both firms highlight the telecom major's strong earnings trajectory, postpaid leadership, and the prospect of an inevitable sector tariff hike as key investment drivers.

Brokerage Ratings at a Glance

The following table summarizes the key parameters from both brokerage calls on Bharti Airtel:

Nomura's Investment Thesis

Nomura's upgraded target of ₹2,355 is anchored by a combination of near-term revenue catalysts and long-term structural tailwinds. The brokerage expects tariff hikes to materialize in 3QFY27, which is anticipated to provide a meaningful boost to the company's revenue and margin profile. Nomura projects a 14% EBITDA/FCF CAGR over FY26–29, reflecting sustained operational efficiency and capital discipline. Premiumisation is identified as a structural growth driver, with Bharti Airtel continuing to attract higher-value subscribers and upgrade its existing base to premium plans, supporting average revenue per user (ARPU) expansion over the forecast period. Strong free cash flow generation and a healthy dividend outlook further reinforce the investment case for long-term shareholders.

CLSA's Outperform Call

CLSA has assigned an Outperform rating with a target price of ₹2,310, citing Bharti Airtel's postpaid leadership as a key differentiator driving industry-leading ARPU. The brokerage notes the low price sensitivity of postpaid users as a structural advantage, insulating the company from competitive pricing pressures. CLSA also highlights the Fast Lane initiative as a catalyst accelerating subscriber gains, and views a sector-wide tariff hike as inevitable, which is expected to further bolster revenue and profitability.

Attractive Optionalities and Industry Structure

Nomura identifies several attractive optionalities that could provide incremental value to Bharti Airtel over the medium term, including:

• Data Centers — expanding digital infrastructure capabilities
• Airtel Money — financial services and payments platform
• Cloud Services — enterprise and B2B cloud solutions
• Lending — emerging financial products for consumers and businesses
• Indus Towers — strategic stake in the listed tower infrastructure company

Both brokerages also point to the three-player industry structure in Indian telecom as a supportive backdrop for rational pricing and sustained profitability. The consolidated competitive landscape is seen as reducing the risk of aggressive price competition, enabling Bharti Airtel to maintain pricing power and invest in network quality.

Taken together, the constructive views from Nomura and CLSA reflect broad institutional confidence in Bharti Airtel's ability to deliver consistent earnings growth, capitalize on emerging business verticals, and benefit from a structurally favorable operating environment.