Rajiv Jain-led US-based investment firm GQG Partners has bought 4.9 crore equity shares of telecom operator Bharti Airtel from promoter group entity Singapore Telecommunications or Singtel. The deal for 0.8% direct stake in Bharti Airtel is valued at S$0.7 billion (approximately ₹5,849 crore).
This transaction is the latest in the Singtel Group's capital recycling efforts to unlock value from its assets, bringing the total capital recycled to S$8 billion since its strategic reset in 2021, Singtel said in an official release.
"We're pleased to have raised S$0.95 billion, while adding a marquee name to Airtel’s share base. The Group is now in an even stronger position to execute our disciplined capital approach of balancing investing for greater growth and delivering strong, sustainable returns for our shareholders," Singtel CFO Arthur Lang said.
“Airtel continues to see steady growth across all its businesses and has been rewarded with strong market valuations. We believe there’s more room for growth given India’s accelerated digital transformation and we intend to stay invested for the long term while working with Bharti Enterprises to equalise our effective stake in Airtel over time,” he added.
Following the transaction, Singtel’s effective stake in Bharti Airtel reducing from 29.8% to 29%. Earlier in 2022 also, Singtel had sold a 3.3% direct stake in Airtel for approximately S$2.54 billion.
Shares of Bharti Airtel Ltd were trading 0.36% higher at ₹1,198 apiece on NSE during today's morning trade. The scrip has gained 18.30% since the beginning of this year.
First Published: Mar 7, 2024 11:06 AM IST
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