Bharti Airtel has completed the
allotment of 199.87 million new equity shares, representing 5 per cent equity stake in the company, to Qatar Foundation Endowment.
The telecom services provider, which has operations in 20 countries across Asia and Africa,
has issued the equity shares, with a face value of Rs 5, at Rs 340 each on a preferential basis for a total consideration of Rs 6,796 crore.
"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.
With the allotment of the new shares, the paid-up share capital of the company stands at Rs 1,998 crore consisting of 3,997,400,102 equity shares of Rs 5 each.
Bharti and Qatar Foundation Endowment had on May 3
announced a binding agreement for the allotment. As part of the investment, Qatar Foundation Endowment is entitled to one seat on the Bharti board.
"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." Qatar Foundation Endowment acting CEO Rashid Al-Naimi said.
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