Bharti Telecom to purchase a 3.33% stake in Airtel from Singtel for Rs 12,895 crore

25 Aug 2022 , 08:51 AM

Bharti Telecom, the promoter of Bharti Airtel, said in a filing on August 25 that it will buy a 3.33 percent stake in Bharti Airtel from Singtel for Rs 12,895 crore in 90 days.

According to Bharti Airtel, “Singtel and its affiliates have entered into an agreement to transfer approximately 3.33 percent of shares to Bharti Telecom for an aggregate amount of approximately 2.25 billion Singapore dollars.” This leaves Singtel and Bharti’s direct shareholdings in Airtel at roughly 10% and 6%, respectively.

According to the petition, “Bharti and Singtel have agreed to strive toward equalizing their stake in Airtel over time.”

The development happened after Singtel’s board met yesterday to discuss the company’s first quarter.

Singtel and the Mittal family each own a 50.56 percent and a 49.44 percent interest in Bharti Telecom, respectively. The promoter of Bharti Airtel is Bharti Telecom, which owns 35.85% of the company’s shares.

In comparison to Tuesday’s finish, Bharti Airtel’s shares on the BSE closed the day on Wednesday 0.18 percent higher at Rs 738.90 a share.