Bharti Telecom to buy 4.62% stake in Airtel for up to Rs9,623 crore
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New Delhi: Bharti Telecom Ltd, the holding company of Bharti Airtel Ltd, will acquire up to 4.62% stake in India’s largest telco, the company informed the National Stock Exchange on Monday.
The weighted average market price for Airtel’s share trade in the last 60 days has been kept at Rs417.35 and Bharti Telecom has said that the acquisition price would not be higher by more than 25% of the price computed as per the weighted average market price of the Airtel stock.
As per this, the total size of the deal could be between Rs7,700 crore and Rs9,623 crore.
As many as 184,710,183 equity shares, owned by Indian Continent Investment Ltd, will be acquired on 3 November.
New Delhi-based Mittal family, promoters of both Bharti Telecom and Bharti Airtel Ltd, own 51% stake in Bharti Telecom and by virtue of that also own 30% effective stake in Airtel. With the proposed deal, total shareholding of the family in India’s largest telcos will increase. However, it will continue to remain the second-largest shareholder in the Indian company after Singapore Telecommunications Ltd (Singtel), which is the largest shareholder in Airtel with 36.27% stake.
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