For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Bharti Airtel completes 5% stake sale to Qatar Foundation Endowment

    |
    Bharti Airtel completes 5% stake sale to Qatar Foundation
    Telecom major Bharti Airtel on Monday announced completion of 5 percent stake sales to Qatar Foundation Endowment for Rs 6,796 crore.
     

    Airtel has allocated 199,870,006 new equity shares at price of Rs 340 each share, representing 5 percent equity stake in the company to QFE.

    "This is a landmark transaction for India and its telecom sector and a vote of confidence from one of the most respected investors in the world. We look forward to a long and fruitful partnership with Qatar Foundation Endowment," Bharti Airtel Chairman Sunil Bharti Mittal said in a statement.

    With the allotment of these new shares, the paid up share capital of the company stands increased to Rs 19,987,000,510 consisting of 3,997,400,102 equity shares of Rs 5 each.

    On May 3, 2013 Bharti and Qatar Foundation Endowment had announced a binding agreement for the above mentioned allotment. As part of the investment, QFE is entitled to one seat on the Board of Bharti, the statement added.

    "We are delighted that our investment received overwhelming support from Bharti Airtel's existing shareholders, and look forward to supporting the long-term strategic growth of the Company," QFE Acting Chief Executive Officer said.

    PTI

    Read more about: bharti airtel qatar foundation
    Story first published: Monday, June 17, 2013, 15:19 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more