In a big development, Bharti Airtel's promoter, Indian Continent Investment Limited, has sold 0.84% stake in the telecom giant for ₹8,475 Crore in a block deal. This comes after the promoter entity had already offloaded 1.20% stake to Bharti Telecom. This move further reduces the promoter's stake in the company, which now stands at 3.31%. On the other hand, Bharti Telecom's stake in Airtel has increased to 40.47%. Airtel also announced securing a new submarine cable in Chennai.
Airtel's Promoter Sells Stake, Reduces Holding to 3.31%
In a significant move, Bharti Airtel's promoter, Indian Continent Investment Limited (ICIL), has divested 0.84% of its stake in the telecom giant through a block deal, raising ₹8,475 Crore. This follows an earlier sale of 1.20% by the promoter entity to Bharti Telecom, further reducing ICIL's holding to 3.31%.
Background
Airtel, one of India's leading telecom operators, has been undergoing a restructuring process to streamline its operations and reduce debt. In recent years, the company has sold non-core assets and raised funds through various means.
Stake Sale Impact
The latest stake sale by ICIL is part of the company's efforts to rationalize its stake. Bharti Telecom, a wholly-owned subsidiary of Bharti Enterprises, has increased its stake in Airtel to 40.47% post-transaction. This move consolidates the Mittal family's control over the telecom behemoth.
Submarine Cable Announcement
Coinciding with the stake sale announcement, Airtel also revealed its plans to secure a new submarine cable in Chennai. The cable, part of the Southeast Asia-Middle East-West Europe 6 (SEA-ME-WE 6) consortium, is expected to enhance the company's international connectivity and capacity.
Top 5 FAQs
Q: Why did Airtel's promoter sell its stake? A: The sale is part of the company's restructuring and stake rationalization strategy.
Q: How much stake has ICIL sold in total? A: ICIL has sold a total of 2.04% stake in Airtel in two tranches.
Q: Who has acquired the stake sold by ICIL? A: Bharti Telecom, a subsidiary of Bharti Enterprises, has acquired the entire 2.04% stake.
Q: What is the impact of the stake sale on the Mittal family's control? A: The stake sale consolidates the Mittal family's control over Airtel, increasing their stake to 40.47%.
Q: What are Airtel's plans for the new submarine cable? A: The cable in Chennai will enhance Airtel's international connectivity and capacity, supporting its growing data traffic.
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