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FINANCIAL NEWS
Qatar Foundation buys 5% stake in India’s Bharti Airtel
04 May 2013
(MENAFN) India’s Bharti Airtel announced that it has sold a 5-percent stake in the company to Qatar Foundation Endowment (QFE) for USD1.26 billion, reported Gulf Daily News.
The transaction would provide the telecoms company with the required capital to strengthen its balance sheet and future expansion plans.
Furthermore, the acquisition by QFE, an investment vehicle of the Qatar Foundation, is in line with Qatar’s strategy to acquire minority stakes in large international firms, including Royal Dutch Shell, Tiffany and Siemens.
Under the terms of the agreement, the world’s fourth-largest mobile phone firm by customers will issue 199.9 million new shares at USD6.33 each.
Furthermore, the company has an option to sell shares in its majority-owned telecoms infrastructure unit Bharti Infratel.
It is worth noting that as of end-March, Bharti, which operates in 20 countries and has nearly 260 million mobile phone customers, had USD11.7 billion of net debt.
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