has applied for infusion of Rs 4,900 crore in the company which includes investments from Singtel and some other foreign investors. With this Bharti Telecom will become a foreign entity as majority stake will be held by overseas investors. DoT is expected to approve this investment this month," the source said.
The Department of Telecom had earlier this year returned Bharti Airtel's FDI application as the company had not provided clarity on the foreign investor.
Total foreign shareholding is 43 per cent in Bharti Airtel, at present. With promoter firm Bharti Telecom becoming a foreign entity, foreign shareholding in the company will cross 84 per cent, the source said. Bharti Airtel
has already been in discussion with Singtel and other entities for fund infusion.
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.
has said that even a marginal increase in foreign equity would take the foreign investment in Bharti Telecom above 50 per cent making it a foreign owned entity.
has already applied to raise FDI limit to 100 per cent in the company.
board last week approved a proposal to raise $3 billion through QIP, stake sale and debt papers as the company owes AGR dues of Rs 43,000 crore to the government.
The company will launch one or more QIPs or offer for sale of equity shares or a combination of similar offers to raise $2 billion. Rest $1 billion will be raised through debentures and bonds.
52% Sunil Bharti Mittal and family’s current stake in Bharti Telecom
50% Foreign stakeholding in Bharti Telecom after fund infusion
43% Current foreign shareholding in Bharti Airtel
41% Bharti Telecom’s stake in Bharti Airtel
37% Public shareholders’ stake in the company
21.46% Foreign promoter entities’ stake in Bharti Telecom