Vodafone acquires 10 pc stake in Bharti

NEW DELHI: Bharti Tele Ventures Ltd today announced that Vodafone Group Plc.(Vodafone) has secured around 10 percent interest in the company.

Vodafone, through Vodafone Mauritius Ltd., has contracted to subscribe shares in Bharti Enterprises, giving it a beneficial stake in the company of 4.4 percent.

Additionally, Vodafone, through Vodafone International Holdings BV, has also picked up 5.65 percent stake from Warburg Pincus, thereby taking the total beneficial interest in the company to around 10 percent.

Vodafone has made a total investment of approximately Rs 6,700 crore to acquire around 10 percent interest in the company, including the acquisition of shares held by Warburg Pincus.

Bharti Enterprises maintains a controlling interest of 45.9 percent in the company through its subsidiary, Bharti Telecom Ltd. With the final sale of its stake, Warburg Pincus has now completely exited its position in the company.

Incidentally, Singapore Telecommunications owns more than 30 percent of Bharti.

India had last week approved new rules allowing up to 74 percent foreign equity ownership in Indian telecoms providers. Earlier it was pegged at 49 percent.

On Thursday, Bharti reported a 43 percent rise in second-quarter consolidated profit to 5.21 billion rupees.