Financial Daily from THE HINDU group of publications
Saturday, Aug 14, 2004

News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Home Page - Telecommunications
Info-Tech - Telecommunications


Warburg Pincus offloads 3.35 pc in Bharti Tele for Rs 960 crore

Our Bureau

New Delhi , Aug. 13

PRIVATE equity fund Warburg Pincus has offloaded a 3.35 per cent equity stake in Bharti Tele-Ventures for about $200 million (around Rs 960 crore) to bring down its holding in the telecom company to 15.17 per cent.

The company had invested close to $300 million four years ago to pick up an 18 per cent stake in Bharti.

A statement issued by the company to the Bombay Stock Exchange, said: "We have been informed with respect to sale of 6.20 crore equity shares of Bharti Televentures constituting 3.35 per cent of the total paid-up capital of the company by Brentwood Investment Holdings Ltd."

Brentwood Investment Holdings is an investment arm of Warburg Pincus.

Bharti is also in the process of floating an American Depository Receipt (ADR) to raise about $700 million.

Warburg Pincus is expected to bring down its equity in the company by another 10 per cent through the ADR.

According to industry sources, the shares held by Warburg Pincus were sold at Rs 155 per share.

Perhaps reflecting the deal, Bharti's share price on the bourses went down to Rs 150 per share at close from Rs 158.

Post sale, Warburg Pincus now holds 28,12,15,268 equity shares of Bharti Tele-Ventures, equivalent to 15.17 per cent of the total paid-up capital, a Bharti statement said. Indian promoters hold about 46 per cent stake while Temasek Holdings company SingTel, the largest foreign equity partner in Bharti, has another 28 per cent.

Bharti has also been pushing for an increase in the foreign direct investment (FDI) cap from the current level of 49 per cent to 74 per cent.

More Stories on : Telecommunications | Telecommunications

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
DoT supports hike in FDI cap


Warburg Pincus offloads 3.35 pc in Bharti Tele for Rs 960 crore
Car sales rise 18 pc in July
Inflation rises further to 7.61 per cent
Crude oil import bill jumps 51 pc in first quarter
`Lodha opts out as auditor for Indo Gulf'
ITC, hotel subsidiaries to merge
`No room for panic on rubber imports'
Revenue share model for FM radio unlikely
Sensex continues to register losses
FDI inflow zooms to $814 m in Q1
Margin-trading norms being reviewed: Bajpai
BPL plans co-branding exercise with Sanyo — Debt restructuring to be over by Sept



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line