Qatar Affiliate to Sell Airtel Stake For Rs 9,500 Crore

Bharti Airtel’s Tuesday closing price but far higher than the Rs340 it paid for the stake in 2013

Bharti Airtel’s Tuesday closing price but far higher than the Rs340 it paid for the stake in 2013

As per a term sheet, Three Pillars will sell 19.99 crore shares of Bharti Airtel in a price range between Rs 473 and Rs 490 per share.

Qatar based Three Pillars PTE will offload its entire 5% holding in Bharti Airtel through a block deal on Wednesday.

The price range is a discount of 4.7-8 per cent to the stock's Tuesday closing price of Rs 514.35 on the National Stock Exchange.

Qatar had to redeploy some of its foreign assets to bolster the local economy and banking system after Saudi Arabia, the United Arab Emirates and Bahrain cut diplomatic ties on June 5 and withdrew deposits, accusing the sheikdom of funding terrorism. Qatar has repeatedly denied the charges.

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.

UBS is the handling the planned share sale, according to the term sheet.

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