Airtel: Bharti Telecom to buy 3.33 percent stake from Singtel for Rs 12,895 crore
Highlights
- Bharti and Singtel working towards equalizing their stake in Airtel
- Singtel currently holds 50.56% and Mittal family’s 49.44% stake in Bharti Telecom
- Bharti Telecom holds 35.85 percent stake in telecom company Bharti Airtel
Airtel: Bharti Airtel’s promoter Bharti Telecom will buy a 3.33 per cent stake in the company from Singtel for USD 2.25 billion or about Rs 12,895 crore. The telecom operator said on Thursday that the deal would be completed in 90 days. Bharti Telecom (BTL) is owned by the family of Bharti Group Chairman Sunil Bharti Mittal and Singtel. Bharti Airtel told the stock exchange, ShsingTel and its affiliates have entered into an agreement to transfer approximately 3.33 per cent of the shares to BTL for a total amount of around Singapore $2.25 billion.
work towards equalization
The company said that Bharti and Singtel have agreed to work towards equalizing their stake in Airtel. Post the transaction, the Singtel group is expected to hold an effective stake of 29.7 per cent in Bharti Airtel, which is valued at around Rs 1.26 lakh crore, Singtel said in a statement. Mittal said, “After this mutual transaction, Bharti Telecom will have controlling shares in Airtel. Bharti Enterprises and Singtel will work towards leveling their dominant stake in Airtel over time.
Singtel also plans to disinvest
Singtel currently holds 50.56 per cent in Bharti Telecom and the Mittal family holds 49.44 per cent. Bharti Telecom holds 35.85 percent stake in Bharti Airtel, the country’s second largest telecom company. Singtel also has plans for a partial disinvestment of Airtel Africa. Singtel is expected to get around Rs 3,439 crore from this deal. Singtel plans to invest the proceeds from this transaction in initiatives related to 5G services over the next few years.
Latest Business News
function loadFacebookScript(){
!function (f, b, e, v, n, t, s) {
if (f.fbq)
return;
n = f.fbq = function () {
n.callMethod ? n.callMethod.apply(n, arguments) : n.queue.push(arguments);
};
if (!f._fbq)
f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = [];
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t, s);
}(window, document, ‘script’, ‘//connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1684841475119151’);
fbq(‘track’, “PageView”);
}
window.addEventListener(‘load’, (event) => {
setTimeout(function(){
loadFacebookScript();
}, 7000);
});
,
