Airtel CEO sells entire stake for Rs 7 crore
Mumbai: Bharti Airtel CEO Manoj Kohli has sold his entire stake of 1.23 lakh shares last week for over Rs 7.2 crore, a move that coincided with the announcement of new Interconnection Usage Charge (IUC) regime which is bound to affect company’s revenues. “I have sold my current holding in Bharti Airtel for personal reasons. I continue to hold 1.80 lakh options in the company, some of which have already vested and the balance will vest from time to time as per the vesting schedule,” Kohli, Bharti Airtel’s CEO and joint MD, said in a statement. According to company spokesperson, these options of 1.80 lakh would be converted into as many number of shares by the middle of next year. The company separately said in its stock exchange filings that Kohli sold his entire current holding of 1.23 lakh shares for about Rs 7.21 crore on March 6 and March 9 — resulting in an average sale price of about Rs 586 a share. Shares of Bharti Airtel on Thursday dipped by 6.4% to close at Rs 550.30 on the BSE. On Friday, telecom regulator Trai had announced the revised IUC regime and slashed the termination charge by about 33% to 20 paise a minute with effect from April 1, 2009, from 33 paise now. Termination charge is a levy paid by an operator to another on whose network the call ends. The GSM Operators’ lobby had opposed the move saying cut in termination charge would affect telcos’ revenues. It is evident from the movement of the scrip on the stock exchanges with Bharti Airtel’s share prices plunging by 8.61% since March 6 or 6.37% since March 9 that cut in termination charge, as announced by Trai, affected company’s share prices. Kohli also said in a statement that he continues to be the CEO and joint MD of the company. PTI --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
