Bharti Telecom to buy 3.33% Airtel stake from Singtel for Rs 12,895 crore

Bharti Group chairman Sunil Bharti Mittal's family and Singtel own Bharti Telecom (BTL).

A girl checks her mobile phone as she walks past the Bharti Airtel office building in Gurugram, previously known as Gurgaon, on the outskirts of New Delhi, India April 21, 2016. (REUTERS/File Photo)

Bharti Airtel promoter Bharti Telecom will buy a 3.33-per cent stake from Singtel for 2.25 billion Singapore dollars or about Rs 12,895 crore in 90 days, the telecom operator said on Thursday.

Bharti Group chairman Sunil Bharti Mittal’s family and Singtel own Bharti Telecom (BTL).

“Singtel and its affiliates have entered into an agreement to transfer approximately 3.33 per cent shares to BTL for an aggregate amount of approximately 2.25 billion Singapore dollars, leaving direct shareholding of Singtel and Bharti in Airtel at around 10 per cent and 6 per cent respectively,” Bharti Airtel said in a regulatory filing on Thursday.

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The acquisition is to be completed over a period of 90 days.

“Bharti and Singtel have agreed to work towards equalising their stake in Airtel over a period of time,” the filing said.

SP leader Azam Khan walks out of jail after 23 months, hundreds of supporters welcome him

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Senior Samajwadi Party leader Azam Khan, who is facing multiple cases, walked out of the Sitapur jail today after 23 months. He was scheduled to be released early Tuesday morning, but it was delayed due to impending court proceedings. Hundreds of supporters gathered outside the Sitapur jail, waiting for the SP leader to walk out of prison.

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