With the latest transaction, Bharti Telecom’s direct stake in Bharti Airtel will reach 39.7 per cent from the 38.35 per cent stake it held before the current transaction
Bharti Telecom, the promoter firm of Bharti Airtel, has bought an additional 1.35 per cent stake in the country’s second-largest telecom services provider for Rs 8,301 crore through an open market transaction. With this, Bharti Telecom’s direct stake in Bharti Airtel will reach 39.7 per cent from the 38.35 per cent stake it held before the current transaction.
Bharti Telecom, which is co-owned by Sunil Bharti Mittal family and Singapore-based Singtel, had a 38.35 per cent stake in Bharti Airtel as of September 30.
“Bharti Telecom Limited (BTL/ the Company) has acquired 1.35 per cent shares of Bharti Airtel Limited from Indian Continent Investment Limited (ICIL) through block deal mechanism on National Stock Exchange of India Limited for an aggregate amount of Rs 8,301.73 crore,” according to a regulatory filing.
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The company has acquired the stake from promoter group entity Indian Continent Investment Ltd, which held a 5.93 per cent stake in Bharti Airtel as of September 30, 2023.
According to a PTI report quoting sources, Singapore-based Singtel held a 50.56 per cent stake in Bharti Telecom, and the Mittal family had a 49.44 per cent as of September 30, 2022. According to the block deal data available with the National Stock Exchange (NSE), Bharti Telecom purchased more than 8.11 crore shares, amounting to a 1.35 per cent stake in Bharti Airtel.
The shares were acquired at an average price of Rs 1,023 apiece, taking the aggregate transaction value to Rs 8,301.73 crore. In September last year, Singtel entities — Viridian and Pastel — jointly offloaded a 1.76 per cent stake in Bharti Airtel for about Rs 7,128 crore.
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However, Bharti Airtel’s promoter Bharti Telecom has bought a 1.63 per cent stake from Singtel entity Pastel Ltd for Rs 6,602 crore through an open market transaction. After last year’s transaction, Singtel Group owned an effective stake of 29.7 per cent, comprising a 19.2 per cent indirect stake through Bharti Telecom and a 10.5 per cent direct stake. On Friday, shares of Bharti Airtel fell 0.27 per cent to close at Rs 1,012 apiece on the NSE.
