Qatar Foundation Unit Offers to Sell $1.46 Billion Bharti Stake - Bloomberg

Qatar Foundation Unit Offers to Sell $1.46 Billion Bharti Stake - Bloomberg:

"Qatar Foundation, a non-profit run by the gas-rich country’s royal family, plans to sell its 5 percent stake in Indian mobile-phone operator Bharti Airtel Ltd. for about $1.46 billion, according to terms obtained by Bloomberg News.

Three Pillars Pte., Singapore, an affiliate of Qatar Foundation Endowment SPC, is selling as many as 199.9 million Bharti Airtel shares for 473 to 490 rupees each on Wednesday, the terms show. UBS Securities India is the placement agent for the shares, which are being offered at 4.7 percent to 8 percent below Tuesday’s closing price for Bharti Airtel.

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."



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