Bharti Telecom invests an extra Rs 8,301 crore in Bharti Airtel

Bharti Telecom invests an extra Rs 8,301 crore in Bharti Airtel

Bharti Telecom invests an extra Rs 8,301 crore in Bharti Airtel

Following the deal from the previous year, Singtel Group had an effective 29.7% share, made up of a 19.2% indirect stake and a 10.5% direct holding via Bharti Telecom.

On the NSE, Bharti Airtel's shares ended the day 0.27 percent down at Rs 1,012.

In an open market deal on Friday, Bharti Telecom, the promoter of Bharti Airtel, paid Rs 8,301 crore to acquire a 1.35 percent interest in the nation's second-largest telecom service provider.

As of September 30, Bharti Telecom, which is jointly controlled by the Sunil Bharti Mittal family and Singtel, a company located in Singapore, owned 38.35% of Bharti Airtel. Bharti Telecom would now own a 39.7% direct share in Bharti Airtel as a result of this acquisition. It had 38.35 percent of the share before to the present transaction. The promoter group firm Indian Continent Investment Ltd., which owned 5.93 percent of Bharti Airtel till September 30, 2023, sold the interest to the company.

As of September 30, 2022, the Mittal family reportedly owned 49.44 percent of Bharti Telecom, while Singapore-based Singtel maintained a 50.56 percent share. Block trade data that is available with the National Stock Exchange (NSE) indicates that Bharti Telecom purchased over 8.11 crore shares, or 1.35 percent of Bharti Airtel. At an average price of Rs 1,023, the shares were purchased, bringing the total transaction value to Rs 8,301.73 crore. Viridian and Pestle, two Singtel businesses, jointly sold a 1.76 percent share in Bharti Airtel in September of last year for around Rs 7,128 crore.

However, Bharti Telecom, the promoter of Bharti Airtel, paid Rs 6,602 crore in an open market deal to purchase 1.63% of Pestle Ltd, a Singtel entity. Following the deal from the previous year, Singtel Group had an effective 29.7% share, made up of a 19.2% indirect stake and a 10.5% direct holding via Bharti Telecom. On the NSE, Bharti Airtel's shares ended the day 0.27 percent down at Rs 1,012.