Singtel entities have offloaded a 1.76 per cent stake in Bharti Airtel for around Rs 7,128 crore, according to the sources.
Bharti Airtel promoter Bharti Telecom Ltd has bought a 1.63 per cent stake in Singtel of the entity Pastel Ltd for Rs 6,602 crore through an open market deal.
According to the bulk trade data available with the National Stock Exchange, Bharti Telecom has purchased 9,62,34,427 shares, equivalent to 1.63 percent of its stake in the company.
The shares were acquired at an average price of Rs 686 each, bringing the transaction value to Rs 6,601.68 crore.
The shares of Bharti Airtel Ltd were sold by Pastel Ltd, a unit of Singapore Telecom Limited (Singtel).
According to sources, Viridian has also offloaded about 1 crore of stock.
“Singtel entities offloaded a total of 1.76 per cent of shares on Wednesday. Bharti Telecom acquired 96 million shares while the public bought about 7 million shares that were offloaded by Singtel group companies.
“Following this transaction, the public shareholding in Bharti Airtel will rise to 44.87 percent from 44.74 percent,” a source familiar with the development told PTI.
E-mail query sent to Bharti Airtel elicited no response.
The stock exchange’s shareholding pattern showed that at the end of the June quarter, Bharti Telecom Ltd owned 35.85 percent of the company.
The Bharti Group Chairman, Sunil Bharti Mittal, and the Singtel family are co-investors of Bharti Telecom Ltd (BTL).
Last week, Singtel announced that its subsidiaries have entered into an agreement to transfer approximately 3.33 per cent of the shares to BTL for a total amount of approximately $2.25 billion (SGD), leaving Singtel and Bharti’s direct stake in Airtel at about 10 percent. and 6 percent, respectively.
Singtel currently owns a 50.56 percent stake in Bharti Telecom and the Mittal family owns 49.44 percent.
Bharti Telecom currently owns a 35.85 percent stake in the country’s second largest telecom service provider, Bharti Airtel.
Shares of Bharti Airtel were trading up 2.36 percent at 770.85 rupees per share on the Bahrain Stock Exchange.
(Except for the headline, this story has not been edited by the NDTV crew and is published from a syndicated feed.)