Airtel to sell 5% stake to Qatar Foundation for $1.3 b

Bharti Airtel will sell 5 per cent stake to Qatar Foundation Endowment for $1.26 billion by issuing 199,870,006 new shares.

As per the agreement, QFE will subscribe to the new shares at Rs 340 per share amounting to a total consideration of $1.26 billion (Rs 6,796 crore).

“The investment will further strengthen the capital structure and provide further flexibility for the company to deliver on its growth strategy,’’ said a company statement.

Sunil Bharti Mittal, Chairman, the partnership with QFE demonstrates the confidence it has in the company.

Goldman Sachs acted as sole financial advisor to Qatar Foundation Endowment on this investment.

Source: http://cablequest.org/news/national-news/item/2428-airtel-to-sell-5-stake-to-qatar-foundation-for-$1-3-b.htmlSource: http://cablequest.org/news/national-news/item/2428-airtel-to-sell-5-stake-to-qatar-foundation-for-$1-3-b.html