Bharti Telecom stake in Airtel comes down to 41.24%
29 May 2019
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Meanwhile, the stake of Sunil Bharti Mittal family in Bharti Airtel has come down to 41.24 per cent after the previous fund raising of Rs25,000 crore. The Bharti Mittal family and Singapore telecom firm Singtel-owned firm together held 50.1 per cent stake in Bharti Airtel at the end of March 2019.
Bharti stake in Bharti Telecom has come down to 41.24 per cent following renouncement of 113.4 million rights shares by the entity valued at around Rs3,920 crore and the Rs25,000-crore rights issue, according to the updated shareholding of the company.
According to sources, Bharti Telecom renounced shares in favour of the Singapore government and the Monetary Authority of Singapore and foreign-based promoter group firm Indian Continent Investment Limited (ICIL).
GIC Pvt Ltd, on behalf of the Government of Singapore and the Monetary Authority of Singapore, has made a commitment of Rs5,000 crore during the rights issue programme.
The Singapore government entities now jointly hold over 247.3 million shares. Based on stock closing price of Rs345.65 a unit on the BSE on Tuesday, the value of shares allocated to Singapore government entities now stands at around Rs8,550 crore and accounts for 4.82 per cent stake in the Indian telecom firm.
ICIL holding in Airtel increased by 250 million shares, valued at around Rs8,651 crore based on stock closing price, to 331.4 million units in May from 81.1 million shares at the end of March 2019.
