Bharti Airtel workplace constructing in Gurugram. File Photo
| Photo Credit: ADNAN ABIDI
Singapore-based Singtel on Thursday offloaded 0.8% stake in telecom firm Bharti Airtel for Rs.5,849 crore by way of an open market transaction.
NRI Rajiv Jain-backed GQG Partners, General Organization for Social Insurance, Australiansuper, Abu Dhabi Investment Authority, GSF II Goldman Sachs and Reliance Trust Institutional Retirement Trust, have been among the many patrons of Bharti Airtel’s shares.
Singtel by way of its affiliate Pastel Ltd. offered the shares on the National Stock Exchange (NSE).
Singtel entities, together with Pastel and Viridian, are promoter entities of Bharti Airtel.
According to the block deal knowledge accessible with the National Stock Exchange (NSE), Pastel Ltd. offloaded 4.90 crore shares, amounting to a 0.86% stake in Bharti Airtel.
The shares have been offered at a median value of Rs. 1,193.70 apiece, taking transaction worth to five,849.13 crore.
As of December 2023, Singtel entities, together with Pastel Ltd and Viridian Ltd owned 10.43% stake in Airtel. Bharti Group Chairman Sunil Bharti Mittal’s household and Singtel are co-investors in Bharti Telecom Ltd.
Bharti Telecom at current holds 39.57% stake in the nation’s second-largest telecom service supplier Bharti Airtel.
On Thursday, shares of Bharti Airtel rose 0.95% to shut at Rs. 1,205 apiece on the NSE.
In November 2022, Singtel divested a 1.59% stake in Bharti Airtel for Rs. 7,261 crore. The shares have been picked by Bharti Telecom Ltd.
In an alternate submitting on SGX, Singapore Telecommunication Ltd (Singtel) on Thursday stated it has unlocked one other SGD 0.95 billion with the sale of a 0.8% direct stake in regional affiliate Airtel to US-based funding agency GQG Partners.
The resultant achieve from the sale is estimated to be SGD 0.7 billion.
This transaction is the most recent in the Singtel Group’s capital recycling efforts to unlock worth from its belongings, bringing the full capital recycled to SGD 8 billion since its strategic reset in 2021, the submitting stated.
This has allowed the Group to fund the expansion of its knowledge centre and IT companies, in addition to scale back internet debt by SGD 3.2 billion as of finish September 2023, it added.
