Qatar Foundation to sell 5% stake in Bharti Airtel

The foundation had acquired the stake in June 2013 at ~6,796 crore

The Qatar Foundation Endowment is likely to sell up to 199.9 million shares comprising a 5 percent stake in Bharti Airtel on Wednesday at ~9,500 crore. The foundation had acquired the stake in June 2013 at ~6,796 cr ore. Sources said Three Pillars P te, Singapore, an affiliate of the Qatar Foundation, was likely to sell the shares in the price range of ~473-490 each.

writes

The Qatar Foundation Endowment is likely to sell up to 199.9 million shares, comprising a 5 per cent stake, in Bharti Airtel on Wednesday at about ~9,500 crore.

The foundation had acquired the stake in June 2013 at ~6,796 crore.

According to sources, Three Pillars Pte, Singapore, an affiliate of the Qatar Foundation, is likely to sell the shares in the price range of ~473-490 each.

UBS Securities India is the placement agent for the sale.

The share price of Airtel surged to new highs recently as the telecom sector is approaching stabilisation with Reliance Jio increasing tariffs. The stock has been going up despite the company reporting a drop in quarterly profits.

The stock closed at ~514.35 on the Bombay Stock Exchange on Tuesday.

CLSA upgraded the stock to ‘buy’ from ‘underperform’, and the target price to ~637 from ~430, saying consolidation in India and the Africa turnaround were “reviving Bharti’s long-term growth”.