India's Bharti Airtel shareholders approve stake sale to Qatar investor

NEW DELHI, June 5 Wed Jun 5, 2013 4:10am EDT

NEW DELHI, June 5 (Reuters) - Shareholders of India's Bharti Airtel Ltd on Wednesday approved a $1.2 billion deal to sell a 5 percent stake of the company to the Qatar Foundation Endowment, the company said.

The deal marks Qatar's first major investment in a listed Indian company. It will also help Bharti Airtel, India's top telecommunications carrier, pare some its $11.7 billion debt.

The Qatar Foundation Endowment is an investment vehicle of the Qatar Foundation controlled by Sheikha Mozah, the wife of the country's ruler. ($1 = 56.4450 Indian rupees) (Reporting by Devidutta Tripathy; editing by Miral Fahmy)