Qatari investor selling $1.46 billion stake in India's Bharti Airtel: Report
07 Nov 2017 - 18:05
By S Anuradha | Reuters
MUMBAI: A Qatari investor plans to sell a 5 percent stake in top Indian telecoms carrier Bharti Airtel Ltd on Friday for about 95 billion rupees ($1.46 billion).
Three Pillars Pte Ltd, an affiliate of the Qatar Foundation, has put up for sale through stock market transactions about 199.9 million shares in Bharti Airtel in a price range of 473-490 rupees each, according to a deal term sheet.
The price range is a discount of 4.7-8 percent to Bharti Airtel's Tuesday closing price, but far higher than the 340 rupees Three Pillars paid for it in 2013.
Indian telecom stocks, including Bharti Airtel, have gained recently on signs of an end to a bruising price war and hopes that industry consolidation will benefit established players.
Bharti Airtel shares fell 3.4 percent to close at Rs 514.35 ahead of the news on Tuesday, but are still up more than 68 percent in 2017.
A spokesman for the Bharti Group declined to comment.
Rashed Fahad Al-Noaimi, chief executive officer of investments at Qatar Foundation, is on Bharti Airtel's board.
UBS is the handling the planned share sale, according to the term sheet.