The company said in a statement on Monday 'it has retired equivalent debt from the proceeds (Rs 6,796 crore) of the preferential allotment in June 2013 of 5 per cent equity shares in Bharti Airtel at the rate of Rs 340 per share to Qatar Foundation Endowment'.
The company said in a statement that 'it has entered into a binding agreement with Qatar Foundation Endowment, under which Bharti will issue 199,870,006 of its new shares to QFE representing a shareholding of 5 per cent in the Company, post issuance of the new shares."
Airtel has allocated 199,870,006 new equity shares at price of Rs 340 each share, representing 5 per cent equity stake in the company to QFE.
Doha-based Qatar Foundation Endowment has bought five per cent stake for $1.18 billion in Bharti Airtel.
All major sectors -- real estate, e-commerce, IT, retail and consumer products, healthcare -- saw new all-time highs in value invested.
Telecom giant Bharti Airtel on Wednesday reported a 9.6 per cent fall in net profit at Rs 688.9 crore (Rs 6.88 billion) for the first quarter ended June 30, 2013.
This was mostly driven by Qatar Foundation Endowment's $1.26 billion investment in Bharti Airtel.
The dispute over the tax payable for its purchase in 2007 of the 67 per cent stake in Hutch is on an amount of Rs 11,200 crore (Rs 112 billion).
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BSE auto index surged 2%, capital goods, healthcare and oil & gas indices also up.
