Bharti Airtel has moved higher by 2.4% to Rs 296 after the telecom services provider has allotted around 200 million shares to Doha-based Qatar Foundation Endowment (QFE) for around Rs 6,796 crore.
The stock opened at Rs 291 and hit a high of Rs 297 on BSE. A combined 1.71 million shares have changed hands on the counter till noon deals on BSE and NSE.
“The committee of directors of the company in its meeting held on June 17, 2013 has allotted 199.87 million equity shares at an issue price of Rs 340 per equity share for an aggregate consideration of over Rs 6795.58 crore on preferential basis, among other issues,” Bharti Airtel said in a statement.
Airtel announced stake sale to QFE on May 3 to strengthen its capital structure and fund future growth plans. The company had a net debt of Rs 63,840 crore as on March 31, 2013.
Meanwhile, the stock has outperformed the market by surging 6% in past three trading sessions after Bharti Telecom, a promoter group entity of Bharti Airtel, purchased 1.82 million shares of the company for around Rs 50.90 crore through open market transactions in last week. The benchmark Sensex was up 1.1% during the period.
Bharti Telecom's stake in the company has increased to 45.81% post the purchase from 45.77%, the company said in a filing to the BSE.
The stock opened at Rs 291 and hit a high of Rs 297 on BSE. A combined 1.71 million shares have changed hands on the counter till noon deals on BSE and NSE.
“The committee of directors of the company in its meeting held on June 17, 2013 has allotted 199.87 million equity shares at an issue price of Rs 340 per equity share for an aggregate consideration of over Rs 6795.58 crore on preferential basis, among other issues,” Bharti Airtel said in a statement.
Airtel announced stake sale to QFE on May 3 to strengthen its capital structure and fund future growth plans. The company had a net debt of Rs 63,840 crore as on March 31, 2013.
Meanwhile, the stock has outperformed the market by surging 6% in past three trading sessions after Bharti Telecom, a promoter group entity of Bharti Airtel, purchased 1.82 million shares of the company for around Rs 50.90 crore through open market transactions in last week. The benchmark Sensex was up 1.1% during the period.
Bharti Telecom's stake in the company has increased to 45.81% post the purchase from 45.77%, the company said in a filing to the BSE.
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