Airtel promoters rejig stake

The Bharti group and Singtel of Singapore have decided to recalibrate their holdings in mobile telephony giant Airtel. Bharti Airtel promoter Bharti Telecom will buy a 3.33 per cent Airtel stake from Singtel for 2.25 billion Singapore dollars (SGD) or about Rs 12,895 crore in 90 days’ time, the telco said on Thursday.

The two sides have decided that Bharti Telecom — the principal vehicle through which they hold controlling shares in Airtel — will increase its shareholding in the mobile telephony giant. Shares of Bharti Airtel ended the day down 0.12 per cent at Rs 738.05 over its previous closing.

The deal will leave the direct shareholding of Singtel and Bharti in Airtel at 10 per cent and 6 per cent, respectively. Bharti Telecom holds a 35.85 stake in Airtel. Bharti and Singtel have also agreed to work towards equalising their stake in Airtel over a period of time.