Bharti Airtel drops 2% after promoter group reduces stake; gets FCA nod for LSE listing

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The shareholding of the firm has now dropped to 41.24 percent or Rs 200.28 crore.

Shares of Bharti Airtel dropped 2 percent intraday on May 29 after promoter group firm Bharti Telecom reduced their holding to  41.24 percent.

The decision to reduce stake came on the back of renouncement of 11.34 crore shares by the entity valued at around Rs 3,920 crore and Rs 25,000-crore rights issue, according to the updated shareholding of the company.

At the of March 2019, Bharti Telecom, which is owned by Sunil Bharti Mittal family and Singapore-based Singtel Group, held 50.1 percent stake in the telecom major.

The shareholding of the firm has now dropped to 41.24 percent or Rs 200.28 crore.

In a separate report, Bharti Airtel-backed Airtel Africa received approval of the UK Financial Conduct Authority (FCA) for document registration, as it plans to raise over $1billion, in exchange of 25 percent stake, from the London Stock Exchange.

According to reports, the decision was taken to reduce debt and compete with Reliance Jio Infocomm in the Indian market.

At 1431 hrs, Bharti Airtel was quoting Rs 338.95, down 1.94 percent on the BSE.

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