Qatar Foundation Endowment buys 5% stake in Bharti Airtel
QFE has entered into a binding agreement to purchase an issuance of 5 percent of new shares from Bharti Airtel
Qatar Foundation Endowment (QFE) recently announced that it has entered into a binding agreement with Bharti Airtel (Bharti), a global telecommunications services provider headquartered in India, with operations in 20 countries across Asia and Africa. Bharti will issue 199,870,006 of its new shares to QFE, representing a shareholding of 5 percent in the Company, post issuance of the new shares.
As per the agreement, QFE will pay INR 340 (QAR23) per share amounting to a total consideration of USD1.26 billion (QAR4.6 billion). According to Bharti, the investment will further strengthen the capital structure and provide further flexibility for the Company to deliver on its growth strategy.
Speaking on the agreement, Rashid Al-Naimi, Acting Chief Executive Officer, QFE, said, “We are excited to be making a significant investment in one of the leading telecommunications companies in the world. As a long-term global investor, our shareholding gives us exposure to a high growth sector in key emerging markets. QFE looks forward to supporting Bharti in realising the full potential of this world class business.”