SEBI has sought details from Bharti Airtel over the stake hike by Bharti Group companies, Bharti Telecom Ltd, India Continent Investment Ltd (ICIL) and Pastel Ltd in Bharti Airtel.

ICIL had bought stake of 4.99% in fiscal 07-08 and 1.28% in fiscal 08-09. SEBI regulations require promoter group companies who together hold more than 55 per cent stake in an entity, to make public announcement for hiking stake to over five per cent in a fiscal which is to be followed by an open offer to the non-promoter group investors.  

As per Bharti, the stake acquisitions are as per the rules and regulations laid down by SEBI. It said that SEBI had sought details on factual position which the company will provide shortly.

While SEBI has taken into account, stakes of Bharti Telecom, Pastel and ICIL in calculating promoter group holding, Bharti said that Pastel Ltd (owned by the Government of Singapore) is classified as a “deemed promoter”and it is not ‘a person acting in concert’ with the Bharti Group. Therefore, the shareholding of Pastel and Bharti Group can not be aggregated while determining the creeping acquisition limit, contended Bharti.