Qatar Foundation Endowment (QFE) sold its entire 5% stake in Bharti Airtel via a block trade for ₹96 billion (US$1.4 billion). The sale of 199 million shares was made through its Asia-Pacific regional holding company Three Pillars.
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S&R Associates advised QFE on Indian law matters in connection with the transaction. The team consisted of partners Rajat Sethi and Rachael Israel and associate Jagriti Mohata. The London and Dubai offices of Allen & Overy also advised QFE on the transaction.
“The QFE Group will reinvest the proceeds globally, as we continue to grow and diversify our portfolio. We remain firm supporters of the Bharti Airtel business, the management team, and their strategy, and wish them well in the future,” said Rashid Al-Naimi, the chief executive officer of QFE.
Three Pillars’ representative on Bharti Airtel’s Board of Directors stepped down immediately post settlement of the sale.
Three Pillars invested US$1 billion in Bharti Airtel in May 2013 and picked up 199 million shares at the cost of US$5.2 per share. S&R Associates had advised QFE on the initial investment as well.
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