Bharti Telecom is owned by Sunil Bharti Mittal’s family and Singtel, the chairman of Bharti Group (BTL).
Highlights of the Deal
1. The transaction would be worth 2.25 billion Singapore dollars, or around Rs 12,895 crore.
2. The transaction is scheduled to be completed in 90 days.
3. Bharti Airtel announced the news in a regulatory filing on Thursday.
Bharti Airtel promoter Bharti Telecom announced on Thursday that it will purchase a 3.33 percent interest in Singtel for 2.25 billion Singapore dollars, or around Rs 12,895 crore, in 90 days.
Sunil Bharti Mittal’s family and Singtel hold Bharti Telecom (BTL).
“Singtel and its affiliates have agreed into an agreement to transfer approximately 3.33 per cent shares to BTL for an aggregate sum of approximately 2.25 billion Singapore dollars,” Bharti Airtel said in a regulatory statement on Thursday.
The transaction will take 90 days to complete.
“Bharti and Singtel have committed to strive towards equalising their shares in Airtel over time,” according to the document.