Airtel’s stock surges as Bharti Telecom says it will acquire Singtel’s stake for $1.6 bn
Singtelhas entered into an agreement with Airtelpromoter Bharti Telecomto buy 3.3% stake in Airtel for $1.6 billion.
- The Singapore-based telecom major has been an Airtel shareholder for over two decades now.
- Airtel shares surged in early trade, as did Singtel’s in its home market, Singapore.
Bharti Telecom is one of the promoters of
Airtel’s shares surged over 1.2% in early trade today (August 25), while the benchmark Nifty50 index was up 0.4%. Singtel shares also rose nearly 2% in its home market, Singapore.
“Singtel and its affiliates have entered into an agreement to transfer 3.33% shares to BTL for an aggregate amount of approx SGD 2.25 billion, leaving direct shareholding of Singtel and
Singtel has been an Airtel shareholder for over two decades now.
Singtel’s decision to pare some of its stake in India’s second largest telco is part of a pivot to refine its focus on its core businesses. The company intends to use the proceeds from this sale towards 5G and other growth initiatives in its home market.
The Sunil Mittal family holds a 50.56% stake in Bharti Telecom, with Singtel owning the rest 49.44%. This promoter arm held a 35.85% stake in Bharti Airtel – before the deal.
Prior to the sale, the Mittals held a 24.13% stake in Bharti Airtel, while Singtel’s stake stood at 31.72%.
After the sale, Singtel’s shareholding in Bharti Airtel will be down to 29.7%, worth a little over $15.8 billion (approx. ₹1.26 lakh crore).
$BHARTIARTL.NSE Technical chart for Bharti Airtel - The stock is moving in an upward channel and moving towards resistance levels of 780. Bharti Telecom is in talks to acquire Singtel's stake for $1.6 billion and the chart setup looks ripe for the upcoming news.— (@MarketViewByPB) August 25, 2022
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