Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Nepal protests
  • Nepal Protests Live
  • Vice-presidential elections
  • iPhone 17
  • IND vs PAK cricket
  • Israel-Hamas war
fp-logo
Bharti Telecom stake in Airtel comes down to 41.24% after renouncement of shares, rights issue
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Business
  • Bharti Telecom stake in Airtel comes down to 41.24% after renouncement of shares, rights issue

Bharti Telecom stake in Airtel comes down to 41.24% after renouncement of shares, rights issue

Press Trust of India • May 29, 2019, 09:52:22 IST
Whatsapp Facebook Twitter

Bharti Telecom shareholding dropped to Rs 200.28 crore in May disclosure by Bharti Airtel.

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
Bharti Telecom stake in Airtel comes down to 41.24% after renouncement of shares, rights issue

New Delhi: Stake of Airtel promoter group firm Bharti Telecom has come down to 41.24 percent following renouncement of 11.34 crore shares by the entity valued at around Rs 3,920 crore and Rs 25,000-crore rights issue, according to the updated shareholding of the company. Sunil Bharti Mittal family and Singapore telecom firm Singtel-owned firm Bharti Telecom held 50.1 percent stake with 211.62 shares in Bharti Airtel at the end of March 2019. Bharti Telecom shareholding dropped to Rs 200.28 crore in May disclosure by Bharti Airtel. According to sources, Bharti Telecom renounced shares for the Singapore government and the Monetary Authority of Singapore and foreign-based promoter group firm Indian Continent Investment Limited (ICIL). [caption id=“attachment_4546351” align=“alignleft” width=“380”] ![Representational image. Reuters.](https://images.firstpost.com/wp-content/uploads/2018/06/AirtelReuters1.jpg) Representational image. Reuters.[/caption] However, it cannot be ascertained the exact number of shares that Bharti Airtel transacted to the entities GIC Pvt Ltd, on behalf of the Government of Singapore and the Monetary Authority of Singapore, has made a commitment of Rs 5,000 crore during the rights issue programme. At the time of the Rs 25,000-crore rights issue, the company allocated shares for Rs 220 a unit. The Singapore government entities now jointly hold over 24.73 crore shares. Based on the stock closing price of Rs 345.65 a unit on the BSE on Tuesday, the value of shares allocated to Singapore government entities now stands at around Rs 8,550 crore and accounts for 4.82 percent stake in the Indian telecom firm. ICIL holding in Airtel increased 25 crore shares, valued at around Rs 8,651 crore based on stock closing price, to 33.14 crore units in May from 8.11 crore at the end of March 2019.

Responding to an e-mail query, Bharti Airtel said, “As stated in our letter of offer, the promoter group amongst themselves, have subscribed to their aggregate entitlement except to the extent of 227,272,727 shares renounced in favour of GIC Private Limited. Bharti Telecom Limited and Indian Continent Investment are part of the promoter group.”

Airtel had announced the rights issue to raise up to Rs 25,000 crore through issuance of fully paid-up shares at a price of Rs 220 per share, and additional Rs 7,000 crore through a foreign currency perpetual bond issue. It opened on 3 May and closed on 17 May, 2019. While the offer price was fixed at Rs 220 per share, the Bharti Airtel scrip ended at Rs 328.20 apiece on the BSE, 0.84 percent higher than the previous close, on the day the rights issue closed. Earlier this month, Bharti Airtel reported a surprise 29 percent surge in the March quarter net profit as exceptional income gains and Africa business helped offset losses in India mobile services operations. The company, whose profitability has been battered by intense price competition posed by richest Indian Mukesh Ambani’s Reliance Jio, earned a net profit of Rs 107.2 crore in January-March as against Rs 82.9 crore it earned in the same period of the previous fiscal. This marked the first rise in profit after several quarters for the company. Its revenue soared 6.2 percent to Rs 20,602.2 crore for the three months ended 31 March 2019.

Tags
NewsTracker Airtel Sunil Bharti Mittal GIC Bharti Telecom Monetary Authority of Singapore
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

The Tata Harrier EV and Mahindra XEV 9e are new electric SUVs in India. The Harrier EV has a modern, familiar design, while the XEV 9e features a bold, striking look. They cater to different preferences: the Harrier EV for subtle elegance and the XEV 9e for expressive ruggedness.

More Impact Shorts

Top Stories

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV