Promoter Group Singapore Telecommunications has sold 0.8% stake in Bharti Airtel Ltd. for Rs 5849.1 crore.
Singtel, through its subsidiary Pastel Ltd., sold 4.9 crore shares at a price of Rs 1,193.7 apiece, according to a statement by the shareholders.
Pastel held 10.4% stake in India's second largest telecom company as of December 2023.
The stake was bought by Rajiv Jain's GQG Partners, according to Bloomberg.
Shares of Bharti Airtel rose 1.6% to intraday high of Rs 1,213.6 apiece.
Out of 31 analysts tracking the stocks, 21 recommend a 'buy', eight recommend a 'hold' and one recommends a 'sell', according to Bloomberg.
The company's net profit increased 37.41% sequentially to Rs 2,876.4 crore and revenue was up 2.3% to Rs 37,899.5 crore in the quarter ended December 2023.
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