Bharti Airtel Sees Huge Block Deal, Shares Fall: Details Here

By Malvika Gurung — Shares of the country’s second-largest telecommunications company Bharti Airtel (NS:) fell over 3% on Wednesday and were trading 1.54% lower at Rs 749.55 apiece while writing, following a huge block deal.

According to reports, about 10.4 crore equity shares of Bharti Airtel changed hands in early trade on Wednesday, constituting a stake of 1.9%.

The aforementioned shares of the telco were worth Rs 7,906 crore, which changed hands in multiple deals at Rs 750/share, stated CNBC TV18.

Southeast Asia’s largest telecom company Singapore Telecommunications (Singtel) (SGX:), in August, was reported to offload a 3.3% stake in Airtel to Bharti Telecom for an aggregate consideration of $1.6 billion over the next three months. 

Post the stake sale, Bharti Telecom will hold a 38.75% stake in Airtel, up from 35.4% in August. The sale will likely take 90 days to complete and following it, the Singtel family will hold a 29.7% stake in Airtel, down from 31.4%.

Both the groups, namely Singtel and Mittal families will try to equalize their stake holding in Airtel over time.

Source link

Leave a Comment

Your email address will not be published.

Scroll to Top