HomeIndiaSingtel Arm Sells 1.59% Stake In Bharti Airtel For Rs 7,261 Crore

Singtel Arm Sells 1.59% Stake In Bharti Airtel For Rs 7,261 Crore

Published on


The stake has been picked by Bharti Airtel’s promoter Bharti Telecom Ltd. (Representational)

New Delhi:

Pastel Ltd, an entity of Singtel, on Thursday divested 1.59 per cent stake in Bharti Airtel for Rs 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 National Stock Exchange (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 Rs 772.5 apiece, taking the transaction value to Rs 7,261.50 crore.

Pastel Ltd is a unit of Singapore Telecommunications Ltd (Singtel).

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 Rs 7,128 crore, while its co-promoter Bharti Telecom Ltd bought 1.63 per cent stake from Pastel for Rs 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 the country’s second-largest telecom service provider Bharti Airtel.

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

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



Source link

Latest articles

Malaika Arora’s strapless hot pink gown featuring thigh-high slit deserves all your attention: Watch video, pics

One can always expect Malaika Arora to bring up the glam quotient with...

Share market update: Most active stocks of the day in terms of traded value

NEW DELHI: Vodafone Idea(Rs. 94.28 crore), Adani Ent.(Rs. 85.29 crore), SBI(Rs. 53.90 crore),...

McDonald’s US Is Launching A Happy Meal Just For Adults

As foodies, most of our childhood memories are centred around food. From relishing...

More like this

RSS Leader Terms Murdered Uttarakhand Teen As “Raw Milk”, Case Filed

<!-- -->Dehradun: Uttarakhand Police on Thursday lodged a case against Rashtriya Swayamsevak Sangh...

Rajasthan Congress Crisis Live Updates: Ashok Gehlot At Sonia Gandhi’s House Amid Rajasthan Trouble

<!-- -->Whether Ashok Gehlot will run for Congress president's post will be known...

For “Want Condoms?” Reply To Schoolgirl, Bihar Officer Lands In Trouble

<!-- -->IAS officer Harjot Kaur Bhamra interacted with students in Patna on Tuesday.New...