Singtel sells 1.76% stake in Bharti Airtel for Rs 7,128 crore

8 Sept 2022 , 03:28 PM

According to reports, Singtel companies sold a 1.76 % share in Bharti Airtel for a total of roughly Rs7,128 crore. In an open market deal, Bharti Telecom Ltd, the promoter of Bharti Airtel, paid Rs6,602 crore for a 1.63 % interest from Pastel Ltd, a Singtel subsidiary.

Bharti Telecom acquired 9,62,34,427 shares, or 1.63 % of the firm, according to bulk trade data made available by the National Stock Exchange (NSE). The average price per share paid for the shares brought the transaction value to Rs6,601.68 crore.

Singapore Telecommunications Ltd.'s Pastel Ltd., a division, sold the shares of Bharti Airtel Ltd. (Singtel). Sources claim that Viridian also sold over 1 crore shares. "On Wednesday, Singtel group companies collectively sold 1.76 % of their shares; Bharti Telecom purchased 96 million of those shares, while the general public purchased about 7 million of the shares.

According to a person familiar with the situation, "Post this transaction, public ownership in Bharti Airtel would grow to 44.87% from 44.74%," according to PTI. According to the shareholding data filed with the exchange, Bharti Telecom Ltd. held 35.85% of the firm at the end of the June quarter.

The family of Sunil Bharti Mittal, the head of the Bharti Group, and Singtel are co-investors in Bharti Telecom Ltd. (BTL). Singtel disclosed last week that its affiliates had reached an agreement to transfer around 3.33 % of the company's shares to BTL for a total of about 2.25 billion Singapore dollars (SGD), leaving the direct ownership of Singtel and Bharti in Airtel at roughly 10% and 6%, respectively.

Currently, the Mittal family owns 49.44% of Bharti Telecom and Singtel owns 50.56%. Currently, Bharti Telecom has a 35.85% interest in Bharti Airtel, the second-largest telecom service provider in the nation. Bharti Airtel's shares were up 2.36 % at Rs770.85 per share on the BSE.

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