Bharti promoter group hikes stake
Bharti promoter group have hiked their stake in the country’s largest cellular operator Bharti Airtel by 0.256% in a deal worth Rs 402 crore.
By ET Bureau |
NEW DELHI: Bharti promoter group have hiked their stake in the country���s largest cellular operator Bharti Airtel by 0.256% in a deal worth Rs 402 crore. One of the promoter group firms Indian Continent Investment has acquired the additional stake through off market transactions.
As a result of the deal, Bharti promoter group holding (which includes direct and indirect stake held by Singapore's telecom firm SingTel) has gone up from 67.15% as of March 31, 2009 to 67.4%.
The share purchase has been done through a Mauritius based holding firm Indian Continent Investment. This entity which held 6.27% as of March���09 now owns 6.53% in the company.
The deal comes at a time when Bharti Airtel is in negotiations with South Africa���s telecom firm MTN for a strategic partnership. This would include cross holding in each company creating one of the world���s largest telecom operators with subscriber base of over 200 million subscribers.
As a result of the deal, Bharti promoter group holding (which includes direct and indirect stake held by Singapore's telecom firm SingTel) has gone up from 67.15% as of March 31, 2009 to 67.4%.
The share purchase has been done through a Mauritius based holding firm Indian Continent Investment. This entity which held 6.27% as of March���09 now owns 6.53% in the company.
The deal comes at a time when Bharti Airtel is in negotiations with South Africa���s telecom firm MTN for a strategic partnership. This would include cross holding in each company creating one of the world���s largest telecom operators with subscriber base of over 200 million subscribers.
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