Singtel Entities Sell 1.76% Stake In Airtel

After announcing its plans of divesting 3.3 per cent direct stake in Airtel last month, reports suggest that Singtel has sold 1.76 per cent stake in Airtel for over Rs 7,100 crore. Majority of these shares have been purchased by Airtel’s promoter Bharti Telecom.

Bharti Telecom has purchased 1.63 per cent off the 1.76 per cent stake sold by Singtel’s Pastel Ltd for Rs 6,602 crore. Last month, Singtel had announced that it would sell 3.3 per cent of its stake in Bharti Airtel as part of the Singtel Group’s capital recycling strategy. 

At the news of 1.76 per cent stake sale, Airtel shares have risen.

Singtel is expected to sell more of its share in Bharti Airtel as it had said that it would sell a total of 3.3 per cent of direct stake in Airtel to Bharti Telecom before November 23, 2022.

In a statement last month, Arthur Lang, Group Chief Financial Officer, Singtel had said, "As long-term strategic investors and partners, the value of our stakes in our regional associates has risen substantially over the years but has not been properly reflected in our share price. This sale in Airtel will be our first ever and seeks to address this gap by illuminating the sizeable value of our holdings in Airtel”.

According to NSE data, Bharti Telecom has purchased 9,62,34,427 shares, amounting to a 1.63 per cent stake in Airtel.