Telecom major Bharti Airtel on Monday announced completion of 5 percent stake sales to Qatar Foundation Endowment for Rs. 6,796 crore.
Airtel has allocated 199,870,006 new equity shares at price of Rs. 340 each share, representing 5 percent equity stake in the company to QFE.
"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 Airtel Chairman Sunil Bharti Mittal said in a statement.
With the allotment of these new shares, the paid up share capital of the company stands increased to Rs. 19,987,000,510 consisting of 3,997,400,102 equity shares of Rs. 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, the statement added.
"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," QFE Acting Chief Executive Officer said.