Bharti Airtel promoter firm Bharti Telecom on Friday bought an additional 1.35 percent stake in the country’s second-largest telecom services provider for Rs 8,301 crore through an open market transaction.
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 percent stake in Bharti Airtel. Furthermore, the shares were acquired at an average price of Rs 1,023 apiece.
Meanwhile, another promoter group firm Indian Continent Investment Ltd, offloaded the same number of shares of Bharti Airtel at the same price. As of the end of the September quarter, Bharti Telecom held a 38.35 percent stake, while Indian Continent Investment Ltd maintained a 5.93 percent stake in Bharti Airtel, stock exchange data showed.
Bharti Enterprises, led by Sunil Mittal, holds a majority stake of 50.56 percent, while Singapore Telecommunications, commonly known as Singtel, possesses the remaining 49.44 percent in BTL.
With this transaction, Bharti Telecom’s direct stake in Bharti Airtel will reach 39.7 percent. 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.
In September of the previous year, Singtel entities, also known as Singapore Telecommunications, collectively divested a 1.76 percent stake in Bharti Airtel, amounting to approximately Rs 7,128 crore. Bharti Airtel's promoter, Bharti Telecom, acquired a 1.63 percent stake from the Singtel entity Pastel Ltd for Rs 6,602 crore through an open market transaction.
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