Shares of India's major telecom firm Bharti Airtel surged on Monday after\u00a0Singapore Telecommunications (Singtel) is set to pick up about Rs 3,750 crore worth Bharti Airtel stock as part of Sunil Mittal-led firm's plan to raise up to 32,000 crore by rights issue as well as bond issue. Bharti Airtel shares jumped by more than 8% to close at Rs 333.70 on BSE.\u00a0 According to its latest fund raising plan announced recently, Bharti Airtel plans to sell new shares worth Rs 25,000 crore ($3.6 billion) for Rs 220 apiece, or a nearly 30% discount to its current stock price. It will raise another Rs 7,000 crore via foreign-currency denominated bonds. Notably, the promoter group comprising, Bharti Group, Bharti Telecom and Singapore Telecommunications (Singtel) will subscribe to a total of Rs 11,785.7 crore worth of stock. Of this, Singtel will invest Rs 3,750 crore, the company said in a separate statement, representing its rights entitlement for its direct stake of 15%. Also read:\u00a0Sensex ends 382 points to reclaim 37,000, Nifty at 2019 high; three key factors behind stock market rally Interestingly, Bharti Telecom will renounce its right for shares worth Rs 5,000 crore in favour of GIC, as per Singtel's statement. This renunciation is from the stake held by Singtel. As a result, post the issue, Singtel\u2019s effective stake in Bharti Airtel will come down to be 35.2%, from the current 39%, but it will still remain the single-largest shareholder in the company. "Singtel and Airtel\u2019s major shareholders, Bharti Group and Bharti Telecom, intend to subscribe to their full entitlement except for a renunciation by Bharti Telecom in favour of GIC Singapore, which will commit approximately $700 million,\u201d said Singapore Telecommunications (Singtel), the company\u2019s largest stakeholder, in a release.\u00a0"Our participation in this rights offering . reflects our long-standing commitment to Airtel and the confidence in the future of the Indian market," Arthur Lang, CEO of Singtel's International Group, said on Thursday.