Bharti Airtel shares rally as Bharti Telecom set to acquire 3.3% stake in telco from Singtel

"Bharti and Singtel have agreed to work towards equalising their stake in Airtel over a period of time," the filing said. BTL will spread such acquisitions to maintain a comfortable level of leverage.

Bharti Enterprises and Singtel have been in a partnership for over 20 years. “Over these years, Bharti Airtel Limited (Airtel) has not only acquired a strong pan-India leadership position but has also expanded to 16 more countries in Africa and South Asia,” the firm said in its filing.

Naveen Kulkarni, CIO, Axis Securities, said it was a fairly large block, and the promoter buying it is positive.

“Bharti promoters have been with the company for a very long period, and the support has been very consistent. So their increasing stake is definitely a positive, which means they are here for a much longer term,” he told CNBC-TV18.

According to him, Bharti is a consistent compounded, and this is a market which has just two players, and there is Vodafone Idea. "From a long-term perspective, the telecom industry will grow at a certain pace and Bharti will keep benefiting from that," he said.

He sees Airtel as a fairly defensive stock and expects it to compound at 12-15 percent over the long term. The risk-reward from current levels still looks attractive, he said.