Vodafone has withdrawn from Bharti Airtel by selling its 4.2 per cent shares in the Indian telecom major to Bharti Enterprises (Holding) Private Limited, an arm of Bharti Group. Vodafone in a statement on Thursday confirmed that it has sold, its slaveholding in Bharti Infotel Private Limited, representing an approximate 4.2 per cent interest in Bharti Airtel Ltd for USD 200 million.
The sale happened following new norms issued by government that bars a telecom operator from holding any kind of stake in competition under unified licences. Following the exit of British giant, the shares of Bharti Airtel hit a near-four-year high of Rs 435 on the NSE on Friday.
Vodafone had acquired stake in Bharti Airtel under previous licensing regime, Unified Access Service Licence (UASL) under which telecom companies were permitted to hold up to 9.9 per cent stake in other firms.