The Hindu Business Line : Bharti seeks to authorise board to okay FII investments

BHARTI Tele Ventures Ltd has informed the Bombay Stock Exchange that the members of the company will consider, by postal ballot, approving a special resolution authorising the board for investment by foreign institutional investors (FIIs).

The company said if the board approves, the FIIs will be able to invest in the shares, debentures convertible into shares or any other security of the company by way of purchases or acquisition from the market, under the portfolio investment scheme of FEMA.

The investment will also be subject to the condition that the total holding of all the FIIs put together shall not exceed the sectoral capital, as may be prescribed by the Government or a statutory authority from time-to-time.

The Government had recently allowed telecom companies to increase the FDI holding up to 74 per cent. This includes equity holding from FIIs.

On record Bharti, at present, has 49 per cent foreign equity holding. SingTel is the largest foreign equity holder. FIIs, including Warburg Pincus, have also invested in the company.

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