Airtel dips ~2% as 10.4 crore shares change hands in multiple block deals

7 Sept 2022 , 11:22 AM

In Wednesday’s trade, Bharti Airtel’s counter fell up to 2% after multiple block deals led to a change of hands in 1.9% equity of the company.

As per the sources, earlier today, 10.4 crore shares changed hands, aggregating to 1.9% equity of the company.

On August 25, Singtel announced that will offload about 3.3% stake in Bharti Airtel to Bharti Telecom for an aggregate consideration of $1.6 billion.

The share sale was scheduled to be completed in 90 days. Following the conclusion of the share sale, Bharti Telecom would own 38.75% of Airtel, up from 35.44% in August. The Mittals and Singtel will retain 50.56% and 49.44% of Bharti Telecom, respectively, following the transaction.

The promoter group's stake in Airtel, which includes the Mittal family and Singtel, would also stay at 55.30%.

Following the equity sale, Singtel's effective stake in Bharti Airtel will fall to 29.70% from 31.40%. Its decreased investment in Airtel will include a 19.2% (up from 17.5%) indirect stake through Bharti Telecom and a 10.5% (down from 13.9%) direct stake.

At around 11.12 AM, Bharti Airtel’s scrip fell 1.84% at Rs747.25, against the previous close of Rs761.25 on NSE. It hit an intraday high and low of Rs761.90 and Rs686.90 respectively so far in today’s trade.

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