The statement said that the sole proprietorship subsidiary Pastel Limited sold 71 million shares of Bati Airtel at Rs 1,814 (about S$27.46) per share, which accounts for 1.2% of Bati Airtel's equity. The profit from the sale of equity is expecte...
The statement said that the sole proprietorship subsidiary Pastel Limited sold 71 million shares of Bati Airtel at Rs 1,814 (about S$27.46) per share, which accounts for 1.2% of Bati Airtel's equity. The profit from the sale of equity is expected to be RMB 1.4 billion.
The shares are privately allocated to international and Indian institutional investors, including existing shareholders of Airtel. Most of this is sold to mutual funds and long only funds.
Xin Telecom sold 3.3% of its shares to Bharti Telecom in 2022, and then sold 0.8% of its shares to GQG Partners in 2024, raising a total of approximately RMB 3.5 billion.
Singtel has sold 1.2% of its equity in Bharti Airtel, India, to cash out, with a total amount of 2 billion yuan.
Group issued a statement on Friday (May 16), indirectly confirming foreign media reports on the equity sale plan.
The placing activity has aroused strong interest from many existing shareholders and new investors and was oversubscribed, so the transaction size has increased and the final selling price is higher than the preliminary indicator price. After the transaction is completed, Xin Telecom's stake in Badi Airtel will drop to 28.3%, with an estimated value of 48 billion yuan.
Bloomberg reported on Friday morning that Pastel originally planned to sell 47.6 million shares equivalent to 0.8% of the equity at a reserve price of 1,800 rupees (about S$27) per share. The price is 3.6% lower than the closing price of Bati Airtel on the Mumbai Stock Exchange on Thursday (15th).
