Qatar Foundation Narrows Range in $1.5B Airtel Offering
Qatar Foundation, a nonprofit run by the gas-rich country’s royal family, has cut the top end of the price range for a sale of Bharti Airtel Ltd. shares that could raise as much as $1.5 billion.
It is now offering shares of the Indian wireless carrier at 473 rupees to 480 rupees apiece, representing a 6.7 percent to 8 percent discount to its last close, according to terms for the deal obtained by Bloomberg on Tuesday. Qatar Foundation has received enough interest to price anywhere within the revised range, and investors placing orders below 480 rupees risk missing out on the deal, the terms show.
Qatar Foundation was initially marketing its sale of as many as 199.9 million Bharti Airtel shares, representing a 5 percent stake in the company, at 473 rupees to 490 rupees apiece. It will be taking orders until 10 a.m. Hong Kong time, the terms show.