Home India Bharti Airtel shares up on Qatar deal in early trade

Bharti Airtel shares up on Qatar deal in early trade

QFE said it sold shares at a discount of 6.4% to the November 7 closing price of Rs 514.35.

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Shares of Bharti Airtel traded at 1.36%% up at Rs 501.90 a piece, a day after Qatar Foundation Endowment (QFE), the non-profit organisation wholly owned by the Gulf state’s royal family, sold its 5% stake in India’s biggest telco Bharti Airtel in a bulk deal for Rs 9,600 crore.

According to ET’s report published on Thursday, the shares were bought by local insurers and mutual funds, global asset managers, and hedge funds. HDFC Life, ICICI Pru Life Insurance, and SBI Life were buyers from the insurance industry, while ICICI Prudential Mutual Fund and Birla Sunlife represented local mutual funds. FMR was among foreign asset managers, while Putnam Investments was a hedge fund that bought the shares.

Sources told ET that 60% of the issue was subscribed by long-term investors, while 40% by hedge funds. The sale was subscribed about three times.

QFE said it sold shares at a discount of 6.4% to the November 7 closing price of Rs 514.35.

QFE’s affiliate Three Pillars Pt Ltd (TPPL), had invested about $1.26 billion in 2013 in Bharti Airtel. It had put up 19.9 crore shares for sale, priced at Rs 481 apiece, said a statement by QFE. TPPL’s representative on Bharti Airtel’s board will now step down.

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