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News Details

Mittals, SingTel to buy 6 pct more in Airtel: Report

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23/02/2016 08:18
The promoters of Bharti Airtel, the Mittal family and SingTel, are looking to acquire an additional six per cent stake in the country's largest telecom firm, Business Standard reported.



As per Business Standard report, the move may lend some support to the company's share price, which has declined 11 per cent over six months.



At Monday's market price, the value of the stake is Rs 7,900 crore. The promoters will acquire the additional six per cent stake through Bharti Telecom, which holds 43.96 per cent in Bharti Airtel. The additional stake in Bharti Airtel will make the telco a subsidiary of Bharti Telecom.



The Mittal family and Singapore Telecommunications (SingTel) are infusing Rs 2,500 crore equity capital into Bharti Telecom through a rights issue to enable the transaction.



The acquisition of shares will be funded through debt and equity.



SingTel owns a 40 per cent stake in Bharti Telecom, the Mittals own 51 per cent, while Temasek owns seven per cent.



The market has been punishing telecom stocks over the last few months, as operational metrics have deteriorated and fears of heightened competition have increased risks.



The move will be seen positively by investors, as it suggests that the promoters see value in the company. Bharti Airtel's stock is down 11 per cent over six months.