According to National Stock Exchange (NSE) block deal data, Pastel Limited, a subsidiary of Singapore Telecommunications (Singtel), has sold around 1.6 per cent stake in Bharti Airtel to Bharti Telecom Limited (BTL), through a block deal worth Rs 72.62 billion. According to the NSE data, Pastel Limited offloaded around 94 million shares, amounting to around 1.6 per cent of Airtel’s equity.
Meanwhile, post the recent sale of stakes, BTL’s stake in Airtel has risen to 38.76 per cent from 37.16 per cent, while Singtel’s effective stake in Airtel, in turn, shrinks below 29 per cent.
The recent block deal is the second tranche of Singtel’s targeted 3.3 per cent stake sale in Airtel. Earlier, on September 7, 2022, Singtel sold around 1.76 per cent stake in Bharti Airtel to BTL for around Rs 71.48 billion. The deals are in line with Singtel and BTL’s plan to equalise their effective shareholdings in Airtel over time.