Pastel, an entity of Singtel, sold a 1.59 percent stake in Bharti Airtel on Thursday for Rs. 7,261 crore through an open market transaction.
The stake was chosen by Bharti Airtel’s promoter Bharti Telecom, according to block deal data with the National Stock Exchange (NSE).
According to the data, Pastel has sold 9,40,000,000 shares, representing a 1.59 percent stake in the company.
The shares were sold at an average price of Rs. 772.5 each, bringing the transaction value to Rs 7,261.50 crore.
Pastel is part of Singapore Telecommunications (Singtel).
Following this transaction, Pastel’s stake in Bharti Airtel will decrease from 12.21 percent to 10.62 percent.
At the end of the June quarter, Pastel held a 13.84 percent stake in the company, according to stock data released by the stock exchange.
Bharti Group Chairman Sunil Bharti Mittal’s family and Singtel are co-investors in Bharti Telecom (BTL).
In early September, Singtel entities had jointly sold a 1.76 percent stake in Bharti Airtel for about Rs. 7,128 crore, while co-promoter Bharti Telecom bought a 1.63 percent stake in Pastel for Rs. 6,602 crores.
Last month, Singtel announced that its subsidiaries entered into an agreement to transfer an approximately 3.33 percent stake to BTL for a total consideration of approximately 2.25 billion Singapore Dollars (SGD), thereby reducing the direct stake of Singtel and Bharti in Airtel at about 10 percent and 6 percent respectively.
Bharti Telecom currently owns a 35.85 percent stake in Bharti Airtel, the country’s second largest telecom provider.
Shares of Bharti Airtel closed 0.56 percent higher at Rs. 784.60 on NSE.