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    Bharti Airtel gains after 9.4 crore shares change hands in a block deal

    Bharti Airtel gains after 9.4 crore shares change hands in a block deal

    Bharti Airtel gains after 9.4 crore shares change hands in a block deal
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    By Asmita Pant   IST (Updated)

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    Shares of Bharti Airtel Ltd rose as much as 1.9 percent on Thursday after 9.4 crore shares of the company changed hands at Rs 772.50 per share on the BSE. Sources suggest that the shares in question have been sold by Singtel and have been bought by Bharti Telecom. 

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    Shares of Bharti Airtel Ltd rose as much as 1.9 percent on Thursday after 9.4 crore shares of the company changed hands at Rs 772.50 per share on the BSE. Sources suggest that the shares in question have been sold by Singapore Telecommunications Ltd, commonly known as Singtel, and have been bought by Bharti Telecom.
    Earlier, in August Singtel had announced that it would sell 3.3 percent direct stake in Airtel to its promoter Bharti Telecom for about Rs 12,895 crore in the next three months. In early September, Singtel had sold 1.76 percent equity to BTL.
    Bharti Group chairman Sunil Bharti Mittal's family and Singtel own Bharti Telecom (BTL). 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 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 had said in its filing.
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