ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » World News

Qatari investor selling $1.46 billion stake in Bharti Airtel - term sheet

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

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), adding to the Gulf nation`s recent stake sales in foreign companies.

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.

The stake sale comes after other Qatari companies, including its sovereign wealth fund, have been cutting stakes in foreign companies and raising cash to withstand pressure on its economy, which has been hit by economic sanctions imposed by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since early June.

The Gulf countries cut diplomatic and transport ties with Doha on June 5, accusing it of backing terrorism, a charge which Doha denies.

Qatar`s sovereign wealth fund, the Qatar Investment Authority, has responded to the crisis by pumping billions of dollars into local banks to shore up their deposits.

It has also reduced its stake in upscale jeweller Tiffany & Co, Russian energy giant Rosneft and Swiss bank Credit Suisse.

Indian telecom stocks, including Bharti Airtel, have also gained 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 514.35 rupees 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.

($1 = 64.9900 Indian rupees)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Tue, Nov 07, 2017
10:36 pm
Reuters
RELATED NEWS
Indian IT services industry's growth pace may slow down in near to mid term: ICRA Indian IT services industry's growth pace may slow down in near to mid term: ICRA
RBI MPC Meeting: Will central bank press pause button on repo rate hike? RBI MPC Meeting: Will central bank press pause button on repo rate hike?
India's economy already 10% more energy efficient than G20 average: IEA India's economy already 10% more energy efficient than G20 average: IEA
GST Council to meet on February 18 GST Council to meet on February 18
No timeline to remove old tax regime, Revenue Secretary Sanjay Malhotra says No timeline to remove old tax regime, Revenue Secretary Sanjay Malhotra says

LATEST NEWS

Flipkart Valentines Day Sale: Check latest offers on smartphones, AirPods and others

Q3 results review: Mixed earnings quarter for Nifty50 pack - financials were outliers; metals and energy among duds

Turkey, Syria Earthquake: Powerful quake kills more than 1,300 people

PLI scheme attracted Rs 45,000 crore investment, created 3 lakh jobs: NITI Aayog CEO

India's economy already 10% more energy efficient than G20 average: IEA

Spotify founder forays into healthcare industry, launches new startup

Adani Enterprises shares nosedive 9%, five other group stocks locked in lower circuit

Expect RBI to pause rate hike from next quarter as inflation abates: SBI Chairman Dinesh Khara

Gold Price Today (February 6): Yellow metal rebounds after hitting four-week low - Check rate in Delhi, Mumbai and other cities

Layoffs in 2023: How to manage your finances amid job cuts

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV