Bharti Telecom buys about 1.2% stake in Airtel
NEW DELHI New Delhi: Bharti Airtel promoter Bharti Telecom has bought about 1.2 per cent stake in the company from Bharti family investment firm Indian Continent Investment Ltd. The monetary value of the transaction was not disclosed in the filing, however, in the BSE The stake is estimated to be valued at Rs 11,680 crore based on the closing price of Rs 1,598.75 per share of Bharti Airtel. “Bharti Telecom has acquired India Telecom through an off-market transaction,” Bharti Airtel said in a regulatory filing. Bought about 1.2 percent shares of Bharti Airtel from Continent Investment Limited.
After this transaction, Bharti Telecom will hold 40.33 per cent stake in Bharti Airtel, while Indian Continent Investment Limited will hold 3.31 per cent stake in the company. Earlier this week, Bharti Telecom had signed a deal for a period of 3-10 years. Rs 11,150 crore was raised in six installments. The family of Bharti Airtel founder-chairman Sunil Bharti Mittal holds 50.56 percent stake in Bharti Telecom and Singtel holds the remaining 49.44 percent.
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