Bharti Airtel Ltd. announced that it had 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 five percent 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 Rs.340 apiece amounting to a total consideration of $1.26 billion or 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, the company said.
Bharti Chairman Sunil Bharti Mittal said, "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. We look forward to a long and fruitful partnership with QFE."
Speaking on the agreement, QFE Acting Chief Executive Officer Rashid Al-Naimi commented, "We are excited to be making a significant investment in one of the leading telecommunications companies in the world. 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 realizing the full potential of this world class business."
At the NSE, Bharti Airtel shares are currently trading at Rs.321.90, up 1.64 percent from the previous close.
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