Bharti Airtel and Qatar Foundation Endowment announce the completion of strategic investment
- ● Qatar Foundation Endowment completes acquisition of 5% equity stake in Bharti for a consideration of INR 6,796 crores
- ● One of the largest Private Equity transactions in the history of India
New Delhi, June 17, 2013: Bharti Airtel Limited (“Bharti”; “the Company”), a leading global telecommunications services provider with operations in 20 countries across Asia and Africa, today said that it has completed the allotment of 199,870,006 new equity shares, representing 5% equity stake in the Company, to Qatar Foundation Endowment.
The equity shares, having face value of INR 5 each, have been issued at a price of INR 340 each on a preferential basis for a total consideration of INR 6,796 crores.
The allotment also marks one of the largest Private Equity transactions in the history of India.
Commenting on the completion of the agreement, Mr. Sunil Bharti Mittal, Chairman, Bharti, 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.”
Mr. Rashid Al-Naimi, Acting Chief Executive Officer, Qatar Foundation Endowment, commented: “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."
With the allotment of these new shares, the paid up share capital of the Company stands increased to INR 19,987,000,510 consisting of 3,997,400,102 equity shares of INR 5/- each.
On May 3, 2013 Bharti and Qatar Foundation Endowment had announced a binding agreement for the above mentioned allotment. As part of the investment, QFE is entitled to one seat on the Board of Bharti.
About Bharti Airtel:
Bharti Airtel Limited is a leading global telecommunications company with operations in 20 countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks amongst the top 4 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed DSL broadband, IPTV, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G wireless services and mobile commerce. Bharti Airtel had over 271 million customers across its operations at the end of March 2013. To know more please visit, www.airtel.com
About Qatar Foundation Endowment
Qatar Foundation Endowment ("QFE") is a long-term global investor with a broad mandate to make direct and managed investments. QFE was recently established to provide a sustainable income stream that will ultimately fund Qatar Foundation for Education, Science and Community Development ("Qatar Foundation") operations in perpetuity.
Qatar Foundation is a private, non-profit organisation that is supporting Qatar on its journey from carbon economy to knowledge economy by unlocking human potential for the benefit of not only Qatar, but the world. Founded in 1995 by His Highness Sheikh Hamad Bin Khalifa Al Thani, Amir of Qatar, QF is chaired by Her Highness SheikhaMozabint Nasser.