Bharti Telecom buys 1.2% stake in Airtel from family’s investment firm

By Pune Media On Nov 7, 2024 7

Bharti Airtel’s (Airtel) promoter Bharti Telecom has purchased around 1.2 per cent stake in the company from the Bharti family’s investment firm Indian Continent Investment Ltd.

Following this transaction, Bharti Telecom holds 40.33 per cent stake in Airtel, while Indian Continent Investment Ltd will hold 3.31 per cent stake in the company, Airtel said in a stock filing.

However, the filing did not disclose monetary value of the transaction, but, the stake is estimated to be valued at around Rs.11,650 crore based on Bharti Airtel’s share closing price of₹1.598.75 apiece at the BSE on Wednesday.

“Bharti Telecom has acquired around 1.2 per cent shares of Bharti Airtel from India Continent Investment Limited by way of an off-market transaction,” Airtel said in the regulatory filing late night on Wednesday.

Earlier in the week, Bharti Telecom had raised ₹11,150 crore in six tranches for tenor in the range of 3-10 years.

Airtel’s Founder and Chairman Sunil Bharti Mittal’s family holds 50.56 per cent stake in Bharti Telecom, and Singtel holds the rest of the 49.44 per cent stake.

Shares of Airtel closed at ₹1,575.65 apiece on the BSE on Thursday, down 1.44 per cent from the previous close.

Published on November 7, 2024

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