Bharti Telecom will pay Rs. 12,900 crore to Singtel to acquire a 3.3% stake in Bharti Airtel.

The Singaporean telecoms firm Singtel Group said on Thursday that it would sell a 3.3% share in Bharti Airtel Ltd. of India.

Singtel Group, a Singaporean telecommunications behemoth, announced on Thursday that it would sell shares worth about Rs 12,895 crore to Bharti Telecom Ltd. for a 3.3 percent stake in India's Bharti Airtel Ltd.

The family of Sunil Bharti Mittal, the chairman of the Bharti Group, and Singtel control 50.56 percent and 49.44 percent of Bharti Telecom (BTL), respectively. With a 35.85% stake, Bharti Telecom is the promoter of Airtel, one of India's largest telecom providers.

"Singtel and its affiliates have entered into an agreement to transfer approximately 3.33 percent shares to BTL for an aggregate amount of approximately 2.25 billion Singapore dollars," Bharti Airtel said in a regulatory filing on Thursday. "This leaves direct shareholding of Singtel and Bharti in Airtel at around 10% and 6% respectively."

According to the petition, "Bharti and Singtel have agreed to strive toward equalising their stake in Airtel over time."

The largest telecommunications provider in Southeast Asia, Singtel, announced that two of its subsidiaries, Pastel Ltd. and Viridian Ltd., had entered into a selling agreement with Bharti Telecom, a joint venture between Singtel and Bharti Enterprises.

The value of our shares in our regional partners has increased significantly over the years, but has not been adequately reflected in our share price as long-term strategic investors and partners. This sale of Airtel will be the company's first-ever transaction and aims to close the gap, according to Arthur Lang, chief financial officer of Singtel.

The Mittal family may have more power and influence over the company as a result of the stake sale, according to earlier reports by CNBC-Awaaz, which cited sources.

Bharti Airtel shares just surpassed its previous high of Rs 781.90 per share to reach a new 52-week high of Rs 792.65 per share.