According to media reports, Singtel entities sold a 1.76% stake in Bharti Airtel for about Rs 7,128 crore. Bharti Airtel promoter Bharti Telecom Ltd bought a 1.63% stake from Singtel entity Pastel Ltd for Rs 6,602 crore in an open market transaction.

Bharti Telecom bought 9,62,34,427 shares, representing a 1.63% stake in the company, according to block trade data provided by the National Stock Exchange (NSE). The shares were traded at an average price of Rs 686 per share and traded at a value of Rs 6,601.68 crore.

Pastel Ltd, a subsidiary of Singapore Telecommunications Ltd (Singtel), sold Shares in Bharti Airtel Ltd. According to media reports, Viridian also cut about one crore shares.

“Singtel entities jointly reduced their holdings by 1.76% on Wednesday. Bharti Telecom has acquired 96 million shares, while the public has acquired about 7 million shares reduced by Singtel group companies.” After this transaction, Bharti Airtel’s public holdings will increase to 44.87% from 44.74%, according to PTI.

Bharti Telecom Ltd held a 35.85% stake in the company at the end of the June quarter, and the equity model has been shown on the exchange.

The family of Bharti Group chairman Sunil Bharti Mittal and Singtel are co-investors in Bharti Telecom Ltd (BTL). Last week, Singtel announced that its affiliates had agreed to transfer about 3.33% of the shares to BTL for a total amount of about 2.25 billion Singapore dollars (SGD), bringing Singtel and Bharti’s direct shareholdings in Airtel to about 10% and 6% respectively.

Singtel currently holds a 50.56% stake in Bharti Telecom, and the Mittal family holds 49.44%. Bharti Telecom currently owns a 35.85% stake in Bharti Airtel, the country’s second-largest telecom service provider. Shares of Bharti Airtel were down 1.22% at Rs 752 at the close on NSE.