Bharti Airtel has said it has the approval of this shareholders to divest around 5 percent stake to the Doha-based Qatar Foundation Endowment for around Rs 6,796 crore.

 

"All the items of business as contained in the notice of extraordinary general meeting have been approved by the shareholders," Airtel said in an exchange filing. In the EGM held in Delhi, the company sought shareholders nod to allot up to 1,99,870,006 equity shares at an issue price of Rs 340 per equity share for an aggregate consideration of over Rs 6795.58 crore on preferential basis, among other issues.

 

Airtel announced stake sale to QFE on May 3 to strengthen its capital structure and fund future growth plans.The company had a net debt of Rs 63,839.5 crore as on March 2013.

 

The deal with QFE was announced after Airtel raised $1.5 billion through overseas bonds mostly to pay off high interest loans and fund capex needs. In FY13, Bharti reported a net profit of Rs 2,275.7 crore, its lowest in seven years. This was 46.6 per cent lower than Rs 4,259.4 crore in 2011-12.