Singtel sells Bharti Airtel stake worth Rs 5,849 crore to Rajiv Jain’s GQG; shares flat

Around 4.9 crore shares, representing nearly 1 percent stake of Bharti Airtel changed hands in the block deal.

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Singapore telecom operator Singtel said on March 7 that it has sold 0.8 percent equity stake in Bharti Airtel to Rajiv Jain’s investment firm GQG Partners, for Rs 5,849 crore. Shares of Bharti Airtel traded flat in early trade, recouping opening losses, after the block deal.

Around 4.9 crore shares, representing nearly 1 percent stake of the company changed hands in the block deal. At 10.08 am, shares of Bharti Airtel was trading at Rs 1,199.90 on the NSE.

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In an interview with Moneycontrol on February 27, Bharti Enterprises Chairman Sunil Bharti Mittal had said that the ARPU (Average Revenue Per User) of Bharti Airtel was the highest in the industry but needs to be at the Rs 300 level.

“First pitstop was Rs 200. That’s taken five to six years. But it’s taken a long time, and the costs have gone up… inflation has been there. So, Rs 300 is probably relevant today or not. But at least let’s get there. We’ve already had a slight premium to the competition,” he said.

The stock also gained after brokerage firm Jefferies maintained a buy call on optimism around ARPU estimates.

Also read: Bharti Airtel rallies 4% on strong Q3 earnings, ARPU growth

In Q3FY24, Bharti Airtel reported a net profit of Rs 2,442.2 crore growing 54 percent from the same quarter a year ago. Revenue also grew 6 percent year-on-year to Rs 37,900 crore.

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