Home / News / World /  SingTel's arm Pastel sells 1.59% stake in Bharti Airtel for 7,261 crore
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Singapore Telecommunications Ltd's unit Pastel Ltd on 22 September divested 1.59 per cent stake in Bharti Airtel for 7,261 crore through an open market transaction.

Bharti Airtel's promoter Bharti Telecom Ltd picked up the stake, as Pastel offloaded 9,40,00,000 shares, amounting to 1.59 per cent stake in the company at an average price of 772.5 apiece.

Following this transaction, Pastel's shareholding in Bharti Airtel will decrease to 10.62 per cent from 12.21 per cent.

ALSO READ: Singtel entities offload 1.76% stake in Bharti Airtel for 7,128 cr

Pastel held 13.84 per cent stake in the firm at the the end of the June quarter, shareholding data with the bourse showed.

Also, Bharti Group Chairman Sunil Bharti Mittal's family and Singtel are co-investors in Bharti Telecom Ltd (BTL).

Singtel entities had jointly sold a 1.76 per cent stake in Bharti Airtel for about 7,128 crore in September, however, its co-promoter Bharti Telecom Ltd bought 1.63 per cent stake from Pastel for 6,602 crore.

In August, Singtel had announced that its affiliates have entered into an agreement to transfer approximately 3.33 per cent stake to BTL for an aggregate amount of approximately 2.25 billion Singapore dollars (SGD). This left direct shareholding of Singtel and Bharti in Airtel at around 10 per cent and 6 per cent, respectively.

At present, Bharti Telecom holds 35.85 per cent stake in the country's second-largest telecom service provider Bharti Airtel. Shares of Bharti Airtel closed 0.56 per cent higher at 784.60 on NSE.

With PTI inputs.

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