The shareholders of India’s largest mobile operator, Bharti Airtel, have approved the sale of a 5% stake in the company to Qatar Foundation Endowment (QFE).
The US$1.26bn deal was announced last month. It will see Bharti issuing approximately two…
The shareholders of India’s largest mobile operator, Bharti Airtel, have approved the sale of a 5% stake in the company to Qatar Foundation Endowment (QFE).
The US$1.26bn deal was announced last month. It will see Bharti issuing approximately two million shares to QFE, the investment arm of Qatar Foundation, for Rs340 (US$6.30) a piece.
The telco stated at the time that the investment “will further strengthen the capital structure and provide further flexibility for the company to deliver on its growth strategy.”
With a US$12.71bn debt load and declining revenues, Bharti Airtel is currently exploring ways of strengthening its balance sheet. It recently consolidated its position in Uganda and Bangladesh via stake purchases.
Last week, it was also rumoured that the company was looking to sell minority stakes in its landline and enterprise businesses. A spokesperson said that Bharti has no plans to sell part of its enterprise business but declined to comment on the landline business.
