Bharti Airtel promoter Bharti Telecom will purchase a 3.33-per cent stake from Singtel for two.25 billion Singapore {dollars} or about Rs 12,895 crore in 90 days, the telecom operator stated on Thursday.
Bharti Group chairman Sunil Bharti Mittal’s household and Singtel personal Bharti Telecom (BTL).
“Singtel and its affiliates have entered into an agreement to transfer approximately 3.33 per cent shares to BTL for an aggregate amount of approximately 2.25 billion Singapore dollars, leaving direct shareholding of Singtel and Bharti in Airtel at around 10 per cent and 6 per cent respectively,” Bharti Airtel stated in a regulatory submitting on Thursday.
The acquisition is to be accomplished over a interval of 90 days.
“Bharti and Singtel have agreed to work towards equalising their stake in Airtel over a period of time,” the submitting stated.
