Airtel to buy back 20% stake in Bharti Telemedia for Rs 3,126 crore

Airtel to buy back 20% stake in Bharti Telemedia for Rs 3,126 crore

Telecom firm Bharti Airtel on Wednesday said it will acquire 20% stake in its DTH arm Bharti Telemedia from an affiliate of Warburg Pincus for about Rs 3,126 crore. - File photo

New Delhi, February 17

Telecom firm Bharti Airtel on Wednesday said it will acquire 20% stake in its DTH arm Bharti Telemedia from an affiliate of Warburg Pincus for about Rs 3,126 crore.

The Warburg Pincus affiliate, Lion Meadow Investment, had acquired 20% equity stake in Bharti Telemedia for Rs 2,310 crore in 2018 after the announcement of deal in December 2017.

The transaction will be discharged primarily via issuance of about 3.64 crore equity shares of Airtel at a price of Rs 600 per share and up to Rs 1,037.8 crore in cash, Bharti Airtel said.

“The proposed transaction is part of Airtel’s strategy to align the shareholding of its customer facing products, services and businesses under the same holding group.

“A full control and ownership over Bharti Telemedia allows Airtel to offer differentiated and converged solutions to customers so as to promote ‘One Home’ strategy,” the statement added.

Airtel said it will issue its shares to the Warburg Pincus affiliate at a premium of about 0.5% to the floor price determined as per ICDR (Issue of Capital and Disclosure Requirements) regulations.

“The remaining consideration of Rs 937.8 crore shall be paid in cash on the closing date of the proposed transaction. There may also be minor customary closing adjustments not exceeding Rs 100 crore,” it said. — PTI

Top Stories

Highest-ever single-day spike in India with 2.17 lakh fresh Covid cases

Highest-ever single-day spike in India with 2.17 lakh fresh Covid cases

The death toll increased to 1,74,308 with 1,185 new fataliti...

Chandigarh announces weekend lockdown

Chandigarh announces weekend lockdown

The lockdown will be from 10 pm on Friday to 5 am on Monday;...

'Strong evidence' Covid predominantly spreads through air: Lancet

'Strong evidence' Covid predominantly spreads through air: Lancet

Silent transmission from people who are not coughing or snee...

CBI court frames charges against former Haryana CM Hooda in AJL plot allotment case

CBI court frames charges against former Haryana CM Hooda in AJL plot allotment case

Hooda was present in court when charges were framed

Bargari sacrilege cases: Navjot Sidhu wants SIT findings made public

Bargari sacrilege cases: Navjot Sidhu wants SIT findings made public

At Behbal Kalan, two people were killed in the police firing

Cities

View All