Bharti Airtel promoter Bharti Telecom will buy a 3.33-per cent stake from Singtel for 2.25 billion Singapore dollars or about Rs 12,895 crore in 90 days, the telecom operator said on Thursday.
Bharti Group chairman Sunil Bharti Mittal’s family and Singtel own 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 said in a regulatory filing on Thursday.
The acquisition is to be completed over a period of 90 days.
“Bharti and Singtel have agreed to work towards equalising their stake in Airtel over a period of time,” the filing said.