Singtel-led arm offloads 1.59% stake worth Rs7,261 crore in Airtel; stock under pressure

23 Sep 2022 , 11:26 AM

Pastel Ltd, a subsidiary of Singtel, divested 1.59% of its share in Bharti Airtel in an open market transaction on Thursday for Rs7,261 crore.

Pastel sold 9,40,00,000 shares, representing a 1.59% holding in the firm, according to the sources.

The shares were sold at an average price of Rs772.5 per share, for a total transaction value of Rs7,261.50 crore.

Singapore Telecommunications Ltd is the parent company of Pastel Ltd.

Pastel’s stake in Bharti Airtel would fall to 10.62% from 12.21% following this sale.

Pastel held a 13.84% interest in the company at the end of the June quarter, according to market holdings statistics.

In early September, Singtel companies jointly sold a 1.76% stake in Bharti Airtel for around Rs7,128 crore, while its co-promoter Bharti Telecom purchased a 1.63% stock from Pastel for approximately Rs6,602 crore.

Bharti Telecom now holds a 35.85% stake in Bharti Airtel, the country’s second-largest telecom service provider.

At around 11.28 AM, Bharti Airtel was trading at Rs780.75 per piece, down by 0.44% from its previous closing of Rs784.20 on the BSE. The scrip opened at Rs787.20 and touched intraday high and low of Rs787.30 and Rs774.40 respectively.

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