Bharti Telecom seeks Rs 4900cr FDI |
India`s Bharti Telecom, a promoter of Bharti Airtel, has sought government nod for the infusion of Rs 4,900 crore investment from the Singapore-Âbased Singtel and other foreign entities, a move that would make it a foreign entity. The fund infusion will enhance foreign stakeholding in Bharti Telecom to over 50 percent that will make it a foreignÂ-owned entity. At present, Sunil Bharti Mittal and his family own around 52 percent stake in Bharti Telecom. Bharti Telecom holds around 41 percent stake in Bharti Airtel while foreign promoter entities hold 21.46 per cent stake in the telecom firm. Public shareholders have around 37 percent stake in the company. The Department of Telecom which had earlier this year rejected Bharti Airtel`s FDI application as the company had not provided clarity on the foreign investors, is expected to approve this investment this month. The company in August had informed stock exchanges that Bharti Telecom in order to retire some debt may seek equity from its existing promoter group which may include overseas entity and Singtel in proportionate to its holding. Total foreign shareholding is 43 percent in Bharti Airtel, at present. With promoter firm Bharti Telecom becoming a foreign entity, foreign shareholding in the company will cross 84 percent.
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