Bharti Telecom buys around 1.2% stake in Airtel

NEW DELHI: Bharti Airtel’s 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.

The filing did not disclose the monetary value of the transaction, however, the stake is estimated to be valued at Rs 11,680 crore based on Bharti Airtel’s share closing price of Rs 1.598.75 apiece at the BSE.

“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,” Bharti Airtel said in a regulatory filing.

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

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

Bharti Airtel founder-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.