Singtel Arm Pastel has sold a 1.59 percent share in Bharti Airtel for about Rs. 7,300 crore

Singtel Arm Pastel has sold a 1.59 percent share in Bharti Airtel for about Rs. 7,300 crore ...

Partel, a subsidiary of Singtel, took a 1.59 percent share in Bharti Airtel for Rs. 7,261 crore in a closed market transaction on Thursday.

Bharti Airtel, the promoter of Bharti Telecom, has selected the share as per block deal data with the National Stock Exchange.

According to data, Pastel debursed 9,40,00,000 shares, totaling 1.059 percent of its capital.

The stock was sold at an average price of Rs. 72.5 apiece, bringing the transaction value to Rs 7,261.50 crore.

Pastel is a member of Singapore Telecommunications Corporation (Singtel).

Pastel''s shareholding in Bharti Airtel will fall to 10.62 percent after the transaction, according to a 12.21 percent.

Pastel held a 13.84 percent share in the company at the end of the June quarter, according to shareholding statistics with the stock exchange.

Sunil Bharti Mittal, the chairman of the Bharti Telecom, and Singtel are co-investors in the company.

Singtel and its co-promoter Bharti Telecom purchased a 1.76 percent share from Pastel in early September.

Bharti Airtel, the country''s second-largest telecom service provider, is currently holding a 35.85 percent stake.

On NSE, the share of Bharti Airtel closed 0.46% higher.