Jithin91
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Bharti Telecom to acquire stake in Airtel for up to Rs9,623 crore.. The holding company of Bharti Airtel, will acquire up to 4.62% in India’s largest telecom firm, raising its stake to 50.1% from 45.48%
Bharti Telecom said that the acquisition price would not be higher by more than 25% of the price arrived at as per the weighted average market price of Airtel stock. The weighted average market price for Airtel’s share in the last 60 days is Rs417.35. At this price, the size of the transaction is likely to be between Rs7,700 crore and Rs9,623 crore. As many as 184.71 million shares owned by Indian Continent Investment Ltd (ICIL) will be acquired on or after 3 November, the company said. ICIL will continue to hold 2.03% in Bharti Airtel after the proposed transaction
The Mittal family, promoters of both Bharti Telecom and Bharti Airtel Ltd, own 51% in Bharti Telecom and by virtue of that, own around 30% effective stake in Airtel. With the proposed deal, the total shareholding of the family in India’s largest telco is set to rise. It will still remain the second-largest shareholder in the Indian company after Singapore Telecommunications Ltd (Singtel), which is the largest shareholder in Airtel with a 36.27% stake
Bharti Telecom to acquire stake in Airtel for up to Rs9,623 crore
Bharti Telecom said that the acquisition price would not be higher by more than 25% of the price arrived at as per the weighted average market price of Airtel stock. The weighted average market price for Airtel’s share in the last 60 days is Rs417.35. At this price, the size of the transaction is likely to be between Rs7,700 crore and Rs9,623 crore. As many as 184.71 million shares owned by Indian Continent Investment Ltd (ICIL) will be acquired on or after 3 November, the company said. ICIL will continue to hold 2.03% in Bharti Airtel after the proposed transaction
The Mittal family, promoters of both Bharti Telecom and Bharti Airtel Ltd, own 51% in Bharti Telecom and by virtue of that, own around 30% effective stake in Airtel. With the proposed deal, the total shareholding of the family in India’s largest telco is set to rise. It will still remain the second-largest shareholder in the Indian company after Singapore Telecommunications Ltd (Singtel), which is the largest shareholder in Airtel with a 36.27% stake
Bharti Telecom to acquire stake in Airtel for up to Rs9,623 crore
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