M&A

M&A

Singtel sells 1.6% in Airtel to Bharti Telecom for Rs.7,262-Cr

Economic Times  

Pastel, an affiliate of Singapore Telecommunications (Singtel), has sold around 1.6% stake (94 million shares) in Bharti Airtel to Bharti Telecom Ltd (BTL), a key promoter company, through a block deal on the NSE at INR 772.5 a piece for INR 7,262 crore. After this block deal, promoter company BTL's stake in Airtel has risen to over 38.76% from 37.16%. Singtel's effective stake in Airtel, in turn, stands reduced to a shade below 29%. The block deal is the second tranche of Singtel's targeted 3.3% stake sale in Airtel. On September 7, Singtel sold around 1.76% stake in Bharti Airtel to Bharti Telecom for around INR 7,148 crore. Last month, Singtel had said it would sell a 3.33% stake in Airtel to BTL over 90 days as it looks to boost shareholder returns and increase return on the invested capital. The Mittals and Singtel will continue to own 50.56% and 49.44%, respectively, in BTL.