Singtel arm sells 1.59% stake in Bharti Airtel for ₹7,261 cr

PTI | | Updated on: Sep 23, 2022
FILE PHOTO: A Bharti Airtel building is pictured in Gurugram on the outskirts of New Delhi, India.

FILE PHOTO: A Bharti Airtel building is pictured in Gurugram on the outskirts of New Delhi, India. | Photo Credit: ADNAN ABIDI

Pastel offloads 9,40,00,000 shares; shares, disposed at ₹772.5 apiece, picked by Bharti Telecom Ltd

Pastel Ltd, an entity of Singtel, on Thursday, divested 1.59 per cent stake in Bharti Airtel for ₹7,261 crore through an open market transaction.

The stake has been picked by Bharti Airtel's promoter, Bharti Telecom Ltd, as per block deal data with the NSE.

According to the data, Pastel offloaded 9,40,00,000 shares, amounting to 1.59 per cent stake in the company.

The shares were disposed of at an average price of ₹772.5 apiece, taking the transaction value to ₹7,261.50 crore.

Post this transaction, Pastel's shareholding in Bharti Airtel will decrease to 10.62 per cent from 12.21 per cent.

At the end of the June quarter, Pastel held 13.84 per cent stake in the firm, shareholding data with the bourse showed.

Bharti Group Chairman, Sunil Bharti Mittal's family and Singtel are co-investors in Bharti Telecom Ltd (BTL).

In early September, Singtel entities had jointly sold a 1.76 per cent stake in Bharti Airtel for about ₹7,128 crore, while Bharti Telecom Ltd bought 1.63 per cent stake from Pastel for ₹6,602 crore.

Last month, Singtel announced that its affiliates have entered into an agreement to transfer approximately 3.33 per cent stake to BTL for an aggregate amount of approximately 2.25 billion Singapore dollars (SGD), leaving direct shareholding of Singtel and Bharti in Airtel at around 10 per cent and 6 per cent, respectively.

Bharti Telecom at present holds 35.85 per cent stake in Bharti Airtel.

Shares of Bharti Airtel closed 0.56 per cent higher at ₹784.60 on NSE.

Published on September 23, 2022
COMMENTS
  1. Comments will be moderated by The Hindu BusinessLine editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like

Recommended for you