The telecom operator said on Thursday that Bharti Airtel promoter Bharti Telecom will buy a 3.33% stake from Singtel for 2.25 billion Singapore dollars or about 12,895 crores in 90 days.
The family of Sunil Bharti Mittal, chairman of the Bharti Group, and Singtel are the owners of Bharti Telecom (BTL).
Bharti Airtel said, “Singtel and its affiliates have entered into an agreement to transfer approximately 3.33% of the shares to BTL for an aggregate amount of approximately Singapore Dollar 2.25 billion, giving Singtel and Bharti direct stake in Airtel 10% and 6 per cent respectively.” %,” Bharti Airtel said in a regulatory filing on Thursday.
The acquisition is to be completed within a period of 90 days.
“Bharti and Singtel have agreed to work towards equalizing their stake in Airtel,” the filing said.