Singtel Sells Stake in Bharti Airtel to GQG Partners for ₹5,849 Crore

7 Mar 2024 , 11:04 AM

On March 7, Singaporean telecom operator Singtel announced the sale of a 0.8% equity stake in Bharti Airtel to GQG Partners, an investment firm led by Rajiv Jain, for ₹5,849 Crore. Following the block deal, Bharti Airtel shares initially saw a flat trade, recovering from early losses.

Approximately 4.9 Crore shares, equivalent to nearly 1% of the company’s stake, were traded in the block deal. As of 10:08 am, Bharti Airtel shares were trading at ₹1,199.00 on the National Stock Exchange (NSE).

In the third quarter of the fiscal year 2023-24, Bharti Airtel reported a net profit of ₹2,442.2 Crore, marking a 54% increase from the same quarter the previous year. Revenue also witnessed a year-on-year growth of 6%, reaching ₹37,900 Crore.

Bharti Airtel Limited, commonly referred to as Airtel, is an Indian multinational telecommunications services company headquartered in New Delhi. Operating in 18 countries across South Asia, Africa, and the Channel Islands, Airtel offers 5G, 4G, and LTE Advanced services across India.