Bharti completes 5 percent equity allotment to Qatar Foundation Endowment

Telecom services provider Bharti Airtel Monday completed the allotment of 199.87 million new equity shares, representing 5 percent equity stake in the company, to Qatar Foundation Endowment, it said in a communication to the Bombay Stock Exchange.

Bharti Airtel, 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 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.

"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.

Bharti and Qatar Foundation Endowment had 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.