According to NSE block deal data, Pastel Ltd, a Singtel affiliate, sold 93.1 million shares – or 1.58% of Airtel’s equity – in the Indian telco at ₹687.31 apiece to BTL. Industry insiders, though, said Viridian Ltd, another Singtel affiliate, also sold over 10 million shares in Airtel. Assuming the Viridian block deal was done at the same price, the shares sold are reckoned to be worth around ₹750 crore. Singtel is believed to have offloaded a total 104 million Airtel shares in the market on Wednesday.
Block deal data, though, shows that BTL bought a total 96.2 million shares in Airtel for ₹6,604 crore. The balance 7.8 million shares were acquired by the public, which in turn, has marginally boosted the public holding in the Sunil Mittal-led telco, people aware of the matter said.
Last month, Singtel had said it would sell a 3.33% stake in
to BTL for $1.61 billion (about ₹12,900 crore) – over 90 days – as it looks to boost shareholder returns and increase return on invested capital. Singtel and Sunil Mittal’s Bharti Enterprises had also said they would work towards equalising their effective shareholdings in Airtel over time.
Wednesday’s block deals are believed to be the first tranche of Singtel’s targeted 3.33% stake sale in Airtel, the people cited said.
After the block deals, promoter company BTL’s stake in Airtel has risen to a shade over 37% from 35.4%. Singtel’s effective stake in Airtel, in turn, stands reduced to a shade below 30% from 31.4%, a person aware of the development told ET. The public holding in Airtel is believed to have risen from 44.74% to 44.87%.
At press time, queries to Bharti Airtel, BTL and Singtel remained unanswered.
Airtel shares fell 3.3% intraday before recovering some ground to close 1.08% lower at ₹753.05 on the BSE on Wednesday.