Bharti Airtel Ltd. said it had completed the allotment of 199,870,006 new equity share of Rs.5 each , representing five percent voting rights at a price of Rs.340 apiece on a preferential basis to Qatar Foundation Endowment for a total consideration of Rs.6,796 crore.
With the allotment of these new shares, the paid-up share capital of the company stands increased to Rs.1998.70 crore, consisting of 3,997,400,102 equity shares of Rs.5 each.
The allotment also marks one of the largest private equity transactions in the history of India, the company said.
On May 03 this year, Bharti and Qatar Foundation Endowment had announced a binding agreement for the above mentioned allotment. As part of the investment, Qatar Foundation Endowment is entitled to one seat on the Board of Bharti.
Commenting on the completion of the agreement, Bharti Airtel Chairman Sunil Bharti Mittal said, "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."
Qatar Foundation Endowment Acting Chief Executive Officer Rashid Al-Naimi said, "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."
At the BSE, Bharti Airtel shares are currently trading at Rs.295.40, up 2.18 percent from the previous close.
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