Bharti Airtel fell 1.48% to Rs 750 on high volumes after the counter reported multiple block deals in initial trade today, 7 September 2022.
According to the media reports, 10.4 crore Bharti Airtel shares, or 1.9% equity, changed hands in opening trade today.On the BSE, 4.30 lakh shares of the company were traded in the counter so far as against an average trading volume of 3.53 lakh shares in the past three months.
On the NSE, 11.56 crore shares changed hand in the counter so far compared with an average trading volume of 70.66 lakh shares traded in the past three months.
Last month, Singtel Group, a Singaporean telecommunications conglomerate, entered into a share purchase agreement to sell a 3.3% direct stake in regional associate Airtel to Bharti Telecom, a joint venture between Bharti Enterprises and Singtel, at any time before 23 November 2022.
The sale will unlock approximately SGD 2.25 billion as part of the Singtel Group's capital recycling strategy. After the stake sale, Singtel's effective holding in Bharti Airtel will fall to 29.7%. Bharti Telecom will further strengthen its shareholding in Airtel. Bharti and Singtel have agreed to work towards equalizing their stake in Airtel over a period of time.
Bharti Telecom is a holding company of Bharti Airtel with Bharti Enterprises and SingTel owning 50.56% and 49.44%, respectively. Bharti Telecom in turn owns 35.85% of Bharti Airtel.
Bharti Airtel is a global communications solutions provider with over 491 million customers in 17 countries across South Asia and Africa. Its consolidated net profit surged to Rs 1,606.9 crore in Q1 FY23 compared with Rs 283.5 crore in Q1 FY22. Revenue from operations jumped 22.16% to Rs 32,804.6 crore in Q1 FY23 as against Rs 26,853.6 crore posted in the corresponding quarter previous year.
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