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    Bharti Airtel plunges after 1.8% equity changes hands via multiple block deals

    Bharti Airtel plunges after 1.8% equity changes hands via multiple block deals

    Bharti Airtel plunges after 1.8% equity changes hands via multiple block deals
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    By CNBCTV18.com  IST (Updated)

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    Reuters reported in August that Singapore Telecommunications or Singtel would sell a 3.3 percent stake in Airtel to Bharti Telecom Ltd (BTL) for $1.61 billion. Southeast Asian giant Singtel said its units Pastel and Viridian will sell 198 million shares in India's second-largest telecom company.

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    Buy / Sell Bharti Airtel share

    Shares of Bharti Airtel Ltd plunged 2 percent in early morning trade after a huge block deal of a 1.8 percent stake, according to a report in Bloomberg.
    Sources told CNBC-TV18 that around 104 million shares worth Rs 7,906 crore changed hands in three trades at Rs 750 apiece.
    At 10:05 am, shares of Bharti Airtel were trading at Rs 750, a decline of 1.37 percent from the previous close on the BSE.
    Reuters reported in August that Singapore Telecommunications or Singtel would sell a 3.3 percent stake in Airtel to Bharti Telecom Ltd (BTL) for $1.61 billion. Southeast Asian giant Singtel said its units Pastel and Viridian will sell 198 million shares in India's second-largest telecom company.
    Following the stake buy, the direct shareholding of Singtel and Bharti in Airtel will be at around 10 percent and 6 percent, respectively, according to the telco’s regulatory filing.
    "Bharti and Singtel have agreed to work towards equalising their stake in Airtel over some time," the filing said. BTL will spread such acquisitions to maintain a comfortable level of leverage.
    Bharti Enterprises and Singtel have been in a partnership for over 20 years. “Over these years, Bharti Airtel Limited (Airtel) has not only acquired a strong pan-India leadership position but has also expanded to 16 more countries in Africa and South Asia,” the firm said in its filing.
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