Arab Today, arab today bharti to sell 5 stake to qatar investor
Last Updated : GMT 13:40:10
Arab Today, arab today
Arab Today, arab today

Bharti to sell 5% stake to Qatar investor

Arab Today, arab today

Arab Today, arab today Bharti to sell 5% stake to Qatar investor

New Delhi - AFP

India's biggest telecoms company Bharti Airtel said it would sell new shares equivalent to a 5.0-percent stake in itself to a Qatar-based investor for $1.26 billion. The investment, Bharti said, will "further strengthen its capital structure and provide further flexibility to the company to deliver on its growth strategy". As part of the agreement, Bharti will issue 199.8 million new shares at 340 rupees ($6.2) per share, which investor Qatar Foundation Endowment (QFE) will acquire, the Indian firm said in a statement. This is a 7.5 percent premium to Bharti's closing price of 316 rupees on Thursday. The investment comes at a time when Bharti, like several Indian telecom companies, is struggling with falling profits due to high interest costs and intense competition in the country. Bharti reported Thursday that its net quarterly profit halved in the first quarter of the calendar year compared with 2012 to 5.08 billion rupees ($94 million), the 13th straight quarterly fall in its profitability. News of the new investment encouraged investors, however, with Bharti shares rising as much as 4.5 percent to a high of 331 rupees on the Bombay Stock Exchange, after the news. "This strategic partnership with QFE demonstrates the confidence they have in us and our strategy for growth," said Bharti's chairman Sunil Mittal. QFE's acting chief executive Rashid Al-Naimi said as a long-term global investor, the shareholding gave them "exposure to a high growth sector in key emerging markets". Analyst Ankita Somani of Mumbai's Angel Broking said the stake sale will help Bharti to reduce its debt, estimated at $11.74 billion at the end of March.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bharti to sell 5 stake to qatar investor Arab Today, arab today bharti to sell 5 stake to qatar investor

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bharti to sell 5 stake to qatar investor Arab Today, arab today bharti to sell 5 stake to qatar investor

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday