As per the agreement, Qatar Foundation Endowment will subscribe to 199,870,006 new shares of Bharti at a price of Rs340 per share amounting to a total consideration of Rs6,796 crore
Private sector telecom services major Bharti Airtel on Friday announced that it will sell 5% stake to Doha-based Qatar Foundation Endowment (QFE) for around Rs6,800 crore by issuing over 199.87 million new shares.
The company said in a statement that “it has entered into a binding agreement with Qatar Foundation Endowment (QFE), under which Bharti will issue 199,870,006 of its new shares to QFE representing a shareholding of 5% in the company, post issuance of the new shares.”
As per the agreement, QFE will subscribe to 199,870,006 new shares of Bharti at a price of Rs340 per share amounting to a total consideration of Rs6,796 crore, it added.
“I am delighted to welcome another high quality long-term institutional investor to our shareholder base. This agreement exemplifies further strengthening of the already deep economic and cultural relations between Qatar and India,” Bharti chairman Sunil Bharti Mittal said in the statement.
Goldman Sachs acted as the sole financial advisor to QFE on this investment, the statement said.
“As a long-term global investor, our shareholding gives us exposure to a high growth sector in key emerging markets. QFE looks forward to supporting Bharti in realising the full potential of this world-class business,” QFE acting CEO Rashid Al-Naimi said.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )