Bharti Airtel to sell 5 pct stake to Qatar Foundation for $1.26 bln

NEW DELHI Thu May 2, 2013 11:44pm EDT

NEW DELHI May 3 (Reuters) - Bharti Airtel Ltd, India's top telecommunications carrier, said on Friday it would sell a 5 percent stake in the company to Qatar Foundation Endowment for $1.26 billion to strengthen the capital structure of the company.

Bharti will issue 199.9 million new shares to Qatar Foundation Endowment at 340 rupees apiece, the company said in a statement.

The issue price represents a 7.3 percent premium to the stock's Thursday closing price.