Bharti sells 5% stake to QFE

3 May 2013

Indian telecoms group Bharti Airtel has agreed to issue 199.87 million new shares to the Qatar Foundation Endowment (QFE) for a total consideration of USD1.27 billion. Under the terms of the deal, QFE will subscribe to 199,870,006 new shares of Bharti Airtel – representing a shareholding of 5% in the company – at a price of INR340 (USD6.35) per share. Bharti chairman Sunil Mittal commented on the agreement: ‘I am delighted to welcome another high quality long-term institutional investor to our shareholder base. This strategic partnership with QFE demonstrates the confidence they have in the company and our strategy for growth. In addition, this agreement exemplifies further strengthening of the already deep economic and cultural relations between Qatar and India.’

India, Bharti Airtel