Bharti Group Chairman Sunil Mittal stated that the funds from the rights issue would be deployed in 5G, fibre (both for 5G and Home and Broadband) and data centres. With 15% of the handsets shipped being 5G-capable today and 5G auctions planned in early 2022. Airtel sees 5G rollouts happening in a staggered manner from second half of 2022. We estimate that 5G handsets to constitute 40%/15% of the installed handset base in metros/India; Airtel’s rollout could thus be timely. Airtel expects 5G to become a reality and devices to become fairly prevalent in metros by 2H2022. This would be followed by increase in spread in smaller towns. It hopes that the government makes 5G spectrum prices attractive. In home Broadband, it targets