Bharti Telecom Buys Airtel Shares for Rs 11,700 Crore

New Delhi, Nov 6 (PTI) Bharti Airtel's promoter Bharti Telecom has purchased around 1.2 per cent shares of the company from the Bharti family's investment firm Indian Continent Investment Limited, a regulatory filing said on Wednesday.

The filing did not disclose the monetary value of the transaction. However, the stake is estimated to be valued at Rs 11,680 crore based on Bharti Airtel's share closing price of Rs 1,598.75 apiece at the BSE.

"Bharti Telecom has acquired around 1.2 per cent shares of Bharti Airtel from India Continent Investment Limited by way of an off-market transaction," Bharti Airtel said in the regulatory filing.

With this transaction, Bharti Telecom holds a 40.33 per cent stake in Bharti Airtel, while Indian Continent Investment Limited will hold a 3.31 per cent stake in the company.

Earlier this week, Bharti Telecom had raised Rs 11,150 crore in six tranches for tenor in the range of 3-10 years.