Airtel names Shashwat Sharma CEO; board clears Rs15,700 crore rights call
Gopal Vittal to become executive vice chairman as telco moves towards net debt-free India operations
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Prefer us on GoogleLast Updated: Dec 19, 2025, 17:25 IST3 min
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Bharti Airtel on December 18 announced a major leadership transition, with Shashwat Sharma set to take over as managing director and chief executive officer of Airtel India from January 1, 2026, as part of a planned succession process approved by the board.
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Gopal Vittal, who has led Airtel for over 13 years, will move into the role of executive vice chairman, overseeing Airtel and its subsidiaries, while continuing to drive group strategy, digital and technology initiatives, network strategy, procurement and talent. Vittal’s appointment as executive vice chairman will also take effect from January 1, 2026, subject to shareholder approval.
“In line with the planned succession, Gopal Vittal will move into the role of executive vice chairman of Bharti Airtel on the 1st of January 2026 overseeing Bharti Airtel and all its subsidiaries,” the company said in its press release, adding that Vittal will also drive synergies across digital and technology, network strategy, procurement and talent.
Sharma, who has spent the past year working closely with Vittal across businesses and functions, will report to him in his new role.
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Commenting on the transition, Sunil Bharti Mittal, chairman of Bharti Airtel, said the timing reflected a balance of continuity and change. “I am extremely pleased with the succession and transition of leadership at Airtel and there could not have been a better time, where change and continuity will go hand in hand,” Mittal said. “I have no doubt both Gopal and Shashwat will continue to build on the momentum and I wish them much success in their roles.”
As part of the broader management reshuffle, Soumen Ray will be elevated to group chief financial officer, while Akhil Garg will take over as CFO of Airtel India. Rohit Krishan Puri has been appointed company secretary and compliance officer, with Pankaj Tewari continuing to provide leadership at the group level.
Rs15,700 crore rights issue call approved
Alongside the leadership changes, Airtel’s board approved a significant balance-sheet action, clearing the ‘first and final call’ on its remaining partly paid-up equity shares issued under the 2021 rights issue. The call of Rs 401.25 per share, including a premium of Rs 397.50, will be made on 392.3 million partly paid-up equity shares, representing a little over Rs15,700 crore of capital.“…the Board of Directors of the company… has approved first and final call of Rs 401.25 per share [including a premium of Rs 397.50] on 392,287,662 outstanding partly paid-up equity shares of face value of Rs 5 each (paid-up value of Rs 1.25 each), issued by the company on a rights basis pursuant to Letter of Offer dated September 22, 2021,” Airtel said in its regulatory filing.
The board has fixed February 6, 2026, as the record date to determine shareholders liable to pay the call money. The payment window will open on March 2, 2026, and close on March 16, 2026. Trading in the partly paid-up equity shares will be suspended from the record date, the company said.
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Airtel said the proceeds would be used primarily to prepay or repay borrowings. “Following the pre/repayment of the borrowings and along with its organic cash generation, the Company’s India Operations are expected to become effectively net debt-free in the near term except for DoT liabilities and Finance Lease Obligations,” the company said, describing the move as a further strengthening of its balance sheet.
Airtel's 2021 Fundraise
Bharti Airtel had raised about Rs 21,000 crore through a rights issue announced in August-September 2021, offering existing shareholders the option to buy additional shares at a fixed price. The issue was structured in tranches, with shareholders paying Rs 1.25 per share upfront on a face value of Rs 5, and the remaining amount to be collected later through calls.The fundraise came at a time when Airtel was emerging from a prolonged period of financial stress driven by intense price competition in the telecom sector, high spectrum liabilities, and mounting Adjusted Gross Revenue (AGR) dues following the Supreme Court verdict. The proceeds were earmarked primarily for debt reduction, strengthening the balance sheet, and supporting long-term network investments, including 4G expansion and preparation for 5G.
First Published: Dec 19, 2025, 17:34
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