In exchange for Rs 7,128 crore, Singtel entities jointly offload 1.76% of Airtel.
A 1.63 percent stake in Bharti Airtel was purchased for Rs 6,602 crore by Bharti Telecom Ltd from Pastel Ltd, a subsidiary of Entities According to shareholding patterns with the exchange, Bharti Telecom Ltd owned 35.85 percent of the company at the end of the June quarter.
A stake in Bharti Airtel owned by Entities has been offloaded for about Rs 7,128 crore.
Through an open market transaction, Bharti Telecom Ltd acquired a 1.63 percent stake from Entities Pastel Ltd for Rs 6,602 crore.
Bharti Telecom purchased 9,62,34,427 shares, constituting 1.63 percent of the company, according to bulk deal data with the National Stock Exchange (NSE).
This transaction valued Rs 6,601.68 crore at an average price of Rs 686 per share.
Shares in Bharti Airtel Ltd were sold by Singapore Telecommunications Ltd (Singtel), a unit of Pastel Ltd.
About 1 crore shares were also offloaded by Viridian, according to sources.
96 million shares have been acquired by Bharti Telecom, while around 7 million shares have been acquired by the public.” On Wednesday, Entities collectively offloaded a total of 1.76 per cent shares.
A source familiar with the development told PTI that public shareholding in Bharti Airtel will rise to 44.87 percent from 44.74 percent following the transaction.
No response was received from Bharti Airtel in response to an email query.
Based on the shareholding pattern with the exchange, Bharti Telecom Ltd owned 35.85 percent of the company at the end of the June quarter.
Bharti Telecom Ltd (BTL) is co-invested in by the Mittal family and Entities of Singtel.
A company announced last week that its affiliates had entered into a deal to sell approximately 3.3 percent of its Airtel shares to BTL for about 2.25 billion Singapore dollars (SGD). In total, Entitles Singtel and Bharti own around 10 percent and 6 percent of Airtel, respectively.
The Mittal family owns 49.44 percent of Bharti Telecom while Singtel holds 50.56 percent.
Bharti Telecom currently owns 35.85 per cent of Bharti Airtel, the second-largest telecommunications provider in the country.
The BSE benchmark index was up 2.36 percent at Rs 770.85 apiece.
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