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: 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: 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 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: 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
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
Bharti Airtel Ltd on Tuesday said it views Central Bureau of Investigation's (CBI) chargesheet against it over 2G spectrum allocation scam as "an attempt to tarnish its high reputation" and that it will fight the chargesheet against the company and its chairman Sunil Bharti Mittal. A court on Tuesday summoned former Telecom Secretary Shyamal Ghosh, Ravi Ruia, one of the founders of diversified conglomerate Essar Group and ex-head of Vodafone...
06:52 PM, Mar 19, 2013
The court has accepted the CBI's chargesheet against ex-Telecom Secretary Shyamlal Ghosh, Sunil Mittal and Asim Ghosh. ...
03:58 PM, Mar 19, 2013
Morgan Stanley raised its rating on Bharti Airtel Ltd to "overweight" from "equalweight," citing positive factors for the sector such as rising tariffs and data volumes, falling capital spending and eased competitive intensity. ...
11:12 AM, Feb 27, 2013
Vodafone, which has not applied for taking part in spectrum auction in March, on Tuesday said the reserve price set is too high and the company cannot afford to pay in India where there is uncertainty about airwaves and revenues are low. ...
04:06 AM, Feb 27, 2013
The CBI has registered a case against Bharti Airtel and Tata Communications Ltd for allegedly violating norms set down by the telecom department. The CBI claims it found that the companies had an arrangement with Singapore Telecom for international call facilities. ...
11:32 PM, Feb 24, 2013
The CBI has registered a case in a Delhi court against Bharti Airtel Ltd, Tata Communication Ltd and Singapore Telecommunications Ltd for allegedly causing a loss of nearly Rs 48 crore to the government since 2004 by illegally providing international long distance (ILD) services. ...
03:45 PM, Feb 24, 2013
Bharti Airtel Ltd is planning to meet global investors for what could potentially be its debut dollar bond sale nearly two years after failing to pull the trigger on a similar exercise. ...
03:59 AM, Feb 23, 2013
The Centre on Friday informed the Delhi High Court that the renewal of licences for 900 MHz spectrum of three leading mobile service operators would be decided within two weeks. "The government will decide their applications (for renewal of licences) within two weeks as per the law," Additional Solicitor General (ASG) AS Chandhiok told a bench of Justice Rajiv Shakdher. ...
06:15 PM, Feb 22, 2013
India will allow wireless broadband airwave holders to provide voice services if they pay an additional $ 306 million, a senior government official said on Monday, a move likely to boost billionaire Mukesh Ambani's Reliance Industries Ltd. Reliance Industries, controlled by India's richest man, is the only company with nationwide fourth-generation (4G) broadband airwaves. The company re-entered the fiercely competitive sector by buying airwaves in a 2010 auction and has...
03:41 PM, Feb 18, 2013
Bharti Airtel, India's largest private mobile operator, on Friday reported a 72 per cent slump in its third quarter net profit as a weak rupee increased interest and network equipment costs. This is the 12th consecutive quarter for Bharti Airtel when profit has dropped. Net profit in October-December slumped to Rs 284 crore from Rs 1,011 crore a year ago. ...
05:01 PM, Feb 01, 2013
