Bharti Telecom Ltd (BTL), the primary promoter of Bharti Airtel, has raised its stake in the company to 40.33 percent by acquiring an additional 1.2 percent from another promoter entity, Indian Continent Investment Ltd (ICIL), through an off-market transaction.
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Bharti Telecom’s Stake Increase in Airtel
"...Bharti Telecom Limited (BTL) has acquired around 1.2 percent shares of Bharti Airtel Limited from Indian Continent Investment Limited (ICIL) by way of an off-market transaction," BTL said in a late evening NSE filing Wednesday.
This acquisition reduces ICIL's stake in Airtel from around 4.51 percent to 3.31 percent. Bharti Telecom noted that ICIL is a person acting in concert with BTL and is part of Airtel's promoter group.
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BTL's Funding
As the largest shareholder in Airtel, BTL is jointly owned by the Mittal family (50.56 percent) and Singapore Telecommunications (Singtel) (49.44 percent).
This stake increase follows BTL's recent fundraising of approximately Rs 11,150 crore through a new issuance of non-convertible debentures (NCDs), with Barclays and Standard Chartered Bank reportedly appointed as arrangers for the issuance.
