Bharti Airtel today said the promoter shareholding in the company will be reduced to 65.14 per cent after the telecom firm sold 5 per cent stake to Doha-based Qatar Foundation Endowment (QFE) for around Rs 6,800 crore.
Prior to the deal, promoters together held nearly 68.55 per cent stake in Bharti Airtel, including 45.75 per cent by Bharti Telecom, as on March, 2013.
Bharti Airtel is jointly promoted by Singapore-based Singtel and group companies of billionaire Sunil Mittal’s family.
The pre-issue shareholding of promoters stood at 68.56 per cent while post issue, it will be 65.14 per cent, the company said in a filing to the BSE.
The company will use the proceeds for repaying debts and fund future growth plans.
Bharti Airtel has issued 199.87 million new shares to QFE at a price of Rs 340 apiece.
“The board of directors of Bharti Airtel Limited on May 3, 2013 has approved the issue and allotment of up to 199,870,006 equity shares...at an issue price of Rs 340 per share for an aggregate consideration of Rs 6,796 crore on preferential basis,” the filing said.
The filing also said EGM of the company will be held on June 5, 2013 to seek approval regarding the matter.