New Delhi, May 3: Bharti Airtel, India's biggest mobile carrier has signed an agreement to sell 5 per cent stake in the company to Qatar Foundation Endowment (QFE) for $1.26 billion or Rs. 6,796 crore.
According to the company, the stake sale will improve the capital structure of the company and provide further flexibility for the Company to deliver on its growth strategy. At the moment, Bharti Airtel has a debt of over Rs. 60,000 crore on its books.
Under the deal, Bharti Airtel will issue 199.87 million new shares to QFE at a price of Rs. 340 per share. The issue price represents a 7.3 per cent premium to the stock's Thursday closing price.
