Bharti Telecom to buy 3.33% Airtel stake from Singtel

PTI

New Delhi, August 25

Bharti Airtel promoter Bharti Telecom will buy a 3.33% Airtel stake from Singtel for 2.25 billion Singapore dollars or about Rs 12,895 crore in 90 days’ time, the telecom operator said on Thursday. Bharti Group chairman Sunil Bharti Mittal’s family and Singtel are co-investors in Bharti Telecom.

Singtel said after the transaction, Singtel Group is expected to own an effective stake of 29.7% in Bharti Airtel, which is estimated to be worth about Rs 1.26 lakh crore.

“After this transaction, Bharti Telecom will remain the principal vehicle to hold controlling shares in Airtel. Bharti Enterprises and Singtel to work towards equalising their effective stake in Airtel over time,” Mittal said.

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