Qatar Foundation banks Bharti block

摘要

India's buoyant equity market and an improved outlook for the competitive telecom sector enabled Qatar Foundation Endowment to sell its 5% stake in bharti airtel for Rs96bn (US$1.5bn) in the country's largest overnight block trade in two years. Qatar Foundation affiliate Three Pillars launched the block of 199.87m shares at Rs473-Rs490 per share last Tuesday, taking advantage of a 40% rally in Bharti Airtel shares in the previous month. The final price of Rs480 represented a 6.7% discount to the pre-deal close of Rs514.35. Bharti Airtel, which hit a 10-year high on November 3, slid 3% the following day but closed well above the block price at Rs504.25.