NEW DELHI: Rajiv Jain-led GQG Partners has picked up 0.8% stake in telecom major Bharti Airtel at Rs 5,890 crore. Singapore-based Sintel, which holds 29.8% in the second largest telecom company in India, divested 0.8% through a sale to GQG Partners.
In a statement issued on Thursday, Singapore’s largest telecom network Singtel said it has unlocked S$0.95 billion with the sale of a 0.8% direct stake in regional associate Airtel to US-based investment firm GQG Partners.
The transaction was done through a block deal on Thursday involving 4.9 crore shares at Rs 1,193.7 a piece. Announcing the deal, Singtel Group CFO Arthur Lang said: “We’re pleased to have raised S$0.95 billion, while adding a marquee name to Airtel’s share base. The Group is now in an even stronger position to execute our disciplined capital approach of balancing investing for greater growth and delivering strong, sustainable returns for our shareholders.”
Singtel has been a strategic investor in Airtel, one of the world’s top three mobile operators with over 500 million customers in 17 countries, for over 20 years. After the transaction, Singtel will hold stake of 29.0% in Airtel, worth S$33 billion. In 2022, Singtel sold 3.3% direct stake in Airtel for about S$2.54 billion. No statements were issued by Airtel or GQG Partners confirming the transaction till the time of filing the report.
“Airtel continues to see steady growth across all its businesses and has been rewarded with strong market valuations. We believe there’s more room for growth given India’s accelerated digital transformation and we intend to stay invested for long term while working with Bharti Enterprises to equalise our effective stake in Airtel over time,” he added.
GQG Partners first came to limelight in India after it bought shares worth Rs 15,446 crore ($1.87 billion) in four Adani Group firms in March 2023 immediately after the Hindenburg report on Adani group.