May 03, 2013, 09.35 AM IST | Source: Moneycontrol.com

Bharti Airtel to sell 5% stake to Qatar Foundation; shrs up

Bharti Airtel shares rose 4 percent in morning trade on Friday after the telecommunications company said it has entered into a "binding agreement" with Qatar Foundation Endowment, under which it will issue 199.87 million new shares to QFE, representing a 5 percent stake in the company, post the share issue.

Moneycontrol Bureau

Bharti Airtel shares rose 4 percent in morning trade on Friday after the telecommunications company said it has entered into a "binding agreement" with Qatar Foundation Endowment, under which it will issue 199.87 million new shares to QFE, representing a 5 percent stake in the company, post the share issue.

"As per the agreement, QFE will subscribe to 199,870,006 new shares at Rs 340 a share amounting to a total consideration of USD 1.26 billion (Rs 6,796 crores)," Bharti Airtel said.

The investment will further strengthen the capital structure and provide further flexibility for it to deliver on its growth strategy, the company added.

Goldman Sachs was the sole financial advisor to QFE on this deal.

At 9:25hrs, Bharti Airtel shares were up near 3 percent at Rs 325.90 on NSE.

Bharti Airtel stock price

On April 17, 2014, Bharti Airtel closed at Rs 325.10, up Rs 1.80, or 0.56 percent. The 52-week high of the share was Rs 373.50 and the 52-week low was Rs 274.50.


The company's trailing 12-month (TTM) EPS was at Rs 14.07 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 23.11. The latest book value of the company is Rs 135.70 per share. At current value, the price-to-book value of the company is 2.40.

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