New Delhi: Telecom major Bharti Airtel on Friday announced it will sell 5 per cent stake to Doha-based Qatar Foundation Endowment (QFE) for around Rs 6,800 crore ($1.26 billion) by issuing over 199.87 million new shares. The company said in a statement that "it has entered into a binding agreement with Qatar Foundation Endowment (QFE), 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."
As per the agreement, QFE will subscribe to 199,870,006 new shares of Bharti at a price of Rs 340 per share amounting to a total consideration of $1.26 billion (Rs 6,796 crore), it added. "I am delighted to welcome another high quality long-term institutional investor to our shareholder base...this agreement exemplifies further strengthening of the already deep economic and cultural relations between Qatar and India," Bharti Chairman Sunil Bharti Mittal said in the statement.
Goldman Sachs acted as the sole financial advisor to QFE on this investment, the statement said. "As a long-term global investor, our shareholding gives us exposure to a high growth sector in key emerging markets. QFE looks forward to supporting Bharti in realising the full potential of this world class business," QFE Acting Chief Executive Officer Rashid Al-Naimi said.
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11:10 AM, May 03, 2013
New Delhi: Telecom major Bharti Airtel on Thursday reported a 31.1 per cent fall in standalone net profit at Rs 1,084.4 crore for the fourth quarter ended March 31, 2013, mainly due to higher expenses. The company's standalone net profit stood at Rs 1,574.3 crore in year-ago period. Total expenses of the company increased by 11.76 per cent at Rs 9,816.3 crore during the reported quarter from Rs 8,782.9 crore...
10:26 AM, May 02, 2013
New Delhi: A Delhi court on Monday fixed July 8 for further proceedings in the additional 2G spectrum allocation case in which Bharti Cellular CMD Sunil Mittal, Essar Group promoter Ravi Ruia and others have been summoned as accused. Special CBI Judge OP Saini deferred the matter as the Supreme Court on April 26 had issued notice to CBI on Mittal's plea challenging the summons issued against him and had...
01:24 PM, Apr 29, 2013
New Delhi: After recusal of two judges, a new bench has been constituted in the Supreme Court to hear the petitions of Bharti Cellular Ltd CMD Sunil Bharti Mittal and Essar Group promoter Ravi Ruia in a case of alleged irregularities related to allocation of additional 2G spectrum in 2002. Justice SS Nijjar would be the new judge sitting with Chief Justice Altamas Kabir to hear the matter on Thursday....
08:48 PM, Apr 23, 2013
New Delhi: Reliance Industries' telecommunications arm will use Bharti Airtel's submarine cable network to provide data connectivity across Asia Pacific, the two Indian companies said on Tuesday. The i2i cable network connects India to Singapore and is wholly owned by Bharti, India's top mobile phone carrier. Bharti and Reliance Jio Infocomm Ltd, unit of Mukesh Ambani-controlled Reliance Industries, will continue to build on this "strategic framework" and consider other mutual...
11:47 AM, Apr 23, 2013
New Delhi: Bharti SoftBank's free mobile messaging app 'hike', which was launched globally in December 2012, has crossed 5 million subscribers. "The free mobile messaging app 'hike' from Bharti SoftBank (BSB), has crossed the 5 million active subscribers mark in just four months after its launch. This makes 'hike' one of the fastest growing free mobile apps globally," the company said in a statement. Bharti SoftBank (BSB) is a joint...
12:23 AM, Apr 22, 2013
New Delhi: The Supreme Court has asked a lower court to defer until April 22 summons to Bharti Airtel Ltd Chairman Sunil Mittal in a case over alleged corruption in allocation of mobile airwaves. The apex court deferred the summons as it will continue hearing Mittal's plea seeking to have the summons overthrown. The Supreme Court will resume hearing on Thursday Mittal's plea challenging the summons, judges said, after a...
05:05 PM, Apr 15, 2013
New Delhi: Bharti Airtel was on Thursday restrained by the Supreme Court from providing 3G roaming services to new customers in seven circles where it does not have license to do so. The apex court also said that no coercive steps will be taken on the issue of penalty raised against Airtel for allegedly illegally providing 3G services. The seven circles where Airtel does not have license to provide 3G...
04:42 PM, Apr 11, 2013
New Delhi: Bharti Airtel cannot add new 3G customers in seven zones where it does not own the airwaves and offers the services through pacts with other carriers, the Supreme Court said on Thursday, pending a final ruling in the dispute. Bharti can, however, continue 3G services in the zones for its existing customers, the court said, after hearing an appeal by India's top telecommunications carrier challenging a government ban...
12:52 PM, Apr 11, 2013
New Delhi: The Supreme Court will on Thursday hear appeals filed by Bharti Airtel, Idea Cellular and Vodafone in response to notices sent to them regarding discontinuation of their 3G services in unlicensed cities. On April 8, the Apex Court had directed the telecom department to not take any 'coercive action' against the country's largest mobile phone company Bharti Airtel till Thursday, April 11. Last week, a panel of judges...
08:35 AM, Apr 11, 2013
New Delhi: The Supreme Court on Monday offered partial relief to Bharti Airtel chief Sunil Mittal and six others by directing the 2G case trial court not to withhold hearing till April 16, 2013 but also said it was free to proceed against any person not named in a charge sheet if there were material evidences against them. Hearing Mittal's plea, the court said it would examine April 15, 2013...
05:13 AM, Apr 09, 2013
New Delhi: The Supreme Court on Monday asked the government to refrain from taking any "coercive steps" against Bharti Airtel, accused of illegally providing intra-circle roaming facilities in seven circles where it did not have the licences for the 3G spectrum. The apex court also asked the parties to maintain status quo on the issue till the matter is heard on April 11. "Let the matter be listed on April...
08:23 PM, Apr 08, 2013
New Delhi: The Supreme Court on Monday will hear the case against Bharti Cellular's CMD Sunil Bharti Mittal. He is one of the accused in allocation of 2G spectrum on 2002. However Mittal has contended that he cannot be singularly blamed for the alleged acts of the firm. A bench headed by Chief Justice Altamas Kabir will also be hearing Bharti Airtel's plea challenging the Delhi High Court order giving...
08:30 AM, Apr 08, 2013
New Delhi: Bharti Airtel on Friday approached the Supreme Court challenging the Delhi High Court's order giving its nod to the Centre's decision holding the 3G roaming pact of the telecom major as illegal. The Department of Telecommunications (DoT) on March 15 had issued a notification restraining Bharti from providing 3G intra-circle roaming facilities in seven circles where it did not have the spectrum and also levied a penalty of...
06:39 PM, Apr 05, 2013
New Delhi: The Delhi High Court on Thursday lifted a stay order that had allowed telecom giant Bharti Airtel to continue 3G services across circles where it did not hold spectrum. The move will affect the company as it will have to shut down its 3G mobile services in seven circles across the country, primarily in Haryana, Maharashtra, UP East, Kolkata, Gujarat, Kerala and Madhya Pradesh. In a long-running dispute,...
07:16 PM, Apr 04, 2013
The Supreme Court on Tuesday agreed to hear Bharti Cellular Limited CMD Sunil Bharti Mittal's plea challenging the March 19 order of the special court summoning him as an accused in a corruption case related to allocation of additional 2G spectrum during the 2002 NDA regime. A bench headed by Chief Justice Altamas Kabir agreed to give an early hearing and posted the matter to April 8. ...
01:33 PM, Apr 02, 2013
Multinational retail giant Walmart has said that the company is expected to incur financial losses in view of ongoing investigation into alleged corruption cases pertaining to its foreign subsidiaries. "We expect to continue to incur costs (in addition to the USD 157 million of costs incurred in fiscal 2013) in conducting our on-going review and investigations", the company said in a filing to US Securities and Exchange Commission. ...
06:17 PM, Mar 27, 2013
The government has rejected a request by a unit of Vodafone Group Plc's to extend its mobile phone licenses in three key service areas, the operator said, escalating a feud between carriers and the Centre in the world's second-biggest mobile phone market. ...
01:38 PM, Mar 23, 2013
The Department of Telecom has asked Bharti Airtel to stop offering third generation (3G) services in seven circles where the company does not hold spectrum. "Airtel has been asked to stop 3G services and file a compliance report by 3pm on March 18, 2013," sources said. ...
05:10 AM, Mar 16, 2013
Bharti Airtel launched a new roaming scheme for its prepaid customers in Delhi which will enable them to receive free incoming calls in five states. ...
08:23 AM, Mar 06, 2013
