Bharti Telecom to increase its stake in Indian mobile operator to 50.1%
Bharti Telecom will increase its stake in Bharti Airtel to above 50% in a transaction valued at up to 96.36 billion rupees (€1.28 billion).
The firm will acquire up to 184.71 million shares, or a stake of approximately 4.62%, to increase its holding to 50.1% from 45.48%, Bharti Airtel disclosed in a stock exchange filing.
The operator said the purchase price will not exceed the INR417.35 per share weighted average market price for the previous 60 days by more than 25%, putting the transaction at a value of up to INR96.36 billion.
The acquisition will take place on or after 3 November.
Bharti Telecom will acquire the additional shares from Indian Continent Investment Ltd.
Indian Continent Investment Ltd will retain a 2.03% stake in Bharti Airtel following the transaction.