Pastelan Sintel affiliate, sold 94 million shares, or 1.6% of airtel‘s equity-in Indian telco at Rs 772.5 each to BTL, according to NSE block deal data.
The block deal is the second tranche of Singtel’s targeted sale of 3.3% of its stake in airtel. On September 7, Singtel sold an interest of approximately 1.76% in Bharti Airtel until Bharti Telecom for about Rs 7,148 crore.
Last month, Singtel had said it would sell a 3.33% stake in Airtel to BTL for $1.61 over 90 days as it looks to boost shareholder returns and increase return on invested capital.
cinder and Bharti Companies had also said they would work to equalize their effective shares in Airtel over time.
After Thursday’s block deal, promoter company BTL’s stake in Airtel rose from 37.16% to more than 38.76%. Singtel’s effective stake in Airtel has in turn been reduced to a shadow of less than 29%.
Media planners said that while all three telcos – Airtel, Jio and Vi – will run tactical campaigns over the holiday season, Airtel is expected to lead media spend in the category.
Bharti shares gained half a percent on Thursday to close at Rs 784.20 in a weak market.
Earlier, BTL had said that Bharti and Singtel had decided to make changes in direction in their holdings in Airtel, which would pave the way for Airtel’s controlling company to further strengthen its stake in India’s second-largest telecom provider.
The Mittals and Singtel continue to own 50.56% and 49.44% in BTL, respectively.