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Showing posts with the label Bharti Telecom to pick up 4.62% stake in Airtel

Bharti Telecom to pick up 4.62% stake in Airtel

MUMBAI:  Bharti Telecom , the promoter and holding company of  Bharti Airtel , will pick up 4.62% stake in India's largest telecom operator. In a filing in the National Stock Exchange Monday, the promoter firm said that it will acquire 184,710,183 equity shares at Rs 417.35 a piece. The  Airtel  stock was trading 1.4% higher at Rs491.85 on the  NSE . The share value decided is the weighted average price of Bharti Airtel’s stocks in the last 60 days. The date of acquisition is November 3 or after that. The statement from holding company added that the amount paid will not be higher than 25% of the compounded price per share which in turn puts the deal value roughly between Rs 7000-9000 crore. The Mittal family, are promoters of both Bharti Telecom and Bharti Airtel Ltd. They own 51% stake in Bharti Telecom and 30% effective stake in Airtel. Post this deal, their share holding in Bharti Airtel will increase but the largest share holder in the operator will con...