Bharti Airtel rose 0.46% to Rs 596.80 after the company said that it will acquire a Warburg Pincus affiliate s 20% equity stake in its DTH arm Bharti Telemedia for a total consideration of approximately Rs 3,126 crore.
The telecom company s board has approved the issuance of upto 3.64 crore equity shares of the company at Rs 600 per share; and up to Rs 1037.80 crore in cash.
The proposed transaction is part of Airtel s strategy to align the shareholding of its customer facing products, services and businesses under the same holding group. A full control and ownership over Bharti Telemedia would allow Airtel to offer differentiated and converged solutions to customers so as to promote One Home strategy.
Airtel to acquire 20 pc stake in Bharti Telemedia from Warburg Pincus ANI | Updated: Feb 18, 2021 12:18 IST
New Delhi [India], Feb 18 (ANI): Bharti Airtel will acquire Warburg Pincus affiliate s 20 per cent equity stake in its DTH arm Bharti Telemedia for Rs 3,126 crore which will be discharged primarily via issuance of 3.64 crore equity shares of Airtel at a price of Rs 600 per share and up to Rs 1,038 crore in cash.
The proposed transaction is part of Airtel s strategy to align the shareholding of its customer facing products, services and businesses under the same holding group. A full control and ownership over Bharti Telemedia allows Airtel to offer differentiated and converged solutions to customers to promote its One Home strategy.
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Airtel said that it will acquire a Warburg Pincus affiliate’s 20% equity stake in its DTH arm Bharti Telemedia for a total consideration of ~ INR 31,260 million which will be discharged primarily via issuance of ~36.47 million equity shares of Airtel at a price of INR 600 per share; and up to INR 10,378 million in cash. The issuance of shares proposed through preferential allotment is subject to shareholders’ approval.
The proposed transaction is part of Airtel’s strategy to align the shareholding of its customer facing products, services and businesses under the same holding group. A full control and ownership over Bharti Telemedia allows Airtel to offer differentiated and converged solutions to customers so as to promote “One Home” strategy.