Bharti Airtel shares fall 6.7%, most in eight months

Yolanda Curtis
November 10, 2017

In a regulatory filing, Three Pillars Pte Ltd confirmed the sale, saying 19.98 crore sales were sold through open market sale.

- The Qatari investor paid a price of 340 rupees per share, or a total of 68 billion rupees, for the stake in 2013. Three Pillar has put up for sale in the course of stock market dealings about 199.9 million shares in Bharti Airtel in a value range of 473-490 rupees each, according to a contract term page.

Qatari companies are cutting stakes in foreign companies in a move to tackle the pressure their country is facing, because of the 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 5 June, accusing it of backing terrorism, which Doha denied.

Bharti Airtel shares fell nearly 6 per cent as more than 243 million shares changed hands in multiple block deals, according to reports.

Qatar's sovereign wealth fund, the Qatar Investment Authority, has pumped billions of dollars into local banks to shore up their deposits. A spokesman for the Bharti Group declined to comment on the Qatar stake sale.

Rashed Fahad Al-Noaimi, chief executive of investments at Qatar Foundation will step down from Bharti Airtel's board after the settlement of the sale. The company now holds nil shares in Bharti Airtel.

Bharti Airtel is a leading telecom player offering diversified telecom services, viz., wireless, fixed line, enterprise and DTH services. The stake sale also comes at a time when the Indian telecom market has seen an intense tariff war triggered by the entry of aggressive newcomer Reliance Jio.

"The company has received a communication dated 3 November 2017 from Bharti Telecom, the promoter of the company that it has acquired 184,710,183 equity shares of the company from Indian Continent Investment", Bharti Airtel said in a BSE filing.

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