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HomeBusiness NewsBharti Telecom to purchase 3.33% Airtel stake from Singtel for ₹12,895 crore

Bharti Telecom to purchase 3.33% Airtel stake from Singtel for ₹12,895 crore

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Bharti Airtel promoter Bharti Telecom will purchase a 3.33% stake from Singtel for two.25 billion Singapore {dollars} or about ₹12,895 crore in 90 days, the telecom operator mentioned on Thursday.

Bharti Group chairman Sunil Bharti Mittal’s household and Singtel personal Bharti Telecom (BTL).

“Singtel and its associates have entered into an settlement to switch roughly 3.33% shares to BTL for an combination quantity of roughly 2.25 billion Singapore {dollars}, leaving direct shareholding of Singtel and Bharti in Airtel at round 10% and 6% respectively,” Bharti Airtel mentioned in a regulatory submitting on Thursday.

The acquisition is to be accomplished over a interval of 90 days.

“Bharti and Singtel have agreed to work in direction of equalising their stake in Airtel over a time period,” the submitting mentioned.

By- The Hindu

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