Bharti Enterprises chairman Sunil Bharti Mittal has outlined a roadmap to consolidate the promoter holding of Bharti Airtel under Bharti Telecom (BTL), saying the residual stake held by Singapore Telecommunications and the Mittal family outside the promoter vehicle will be pared over the next three to four years in an orderly manner.
Speaking on a recent investor call, Mittal said BTL, which currently owns about 41% in Bharti Airtel, will remain the principal vehicle for promoter ownership. The remaining 8–8.5% — split between Singapore Telecommunications with around 7% and the Mittal family with about 1% outside BTL — will be brought down gradually through market transactions.
What do analysts say?
“Bharti Telecom (BTL) that owns 41% in the listed company is the principal vehicle to own Bharti. Around 8% left between Singtel & Bharti group (7% at Singtel & 1% at Mittal family) will come to market in an orderly manner and be disposed of in next several years,” analysts at Bank of America said in a note, citing management commentary.
The move is part of a restructuring first articulated in August 2022, when the two promoter groups set out plans to simplify and equalise their holdings. Since then, overall promoter shareholding in Airtel has declined from 55.9% at the end of June 2022 to 48.9% currently, according to JM Financial.
Singtel executes multiple secondary stake salesSingtel executes
Singtel has already executed multiple secondary stake sales via its subsidiary Pastel Ltd. In May 2025, it sold 0.8%, or 47.6 million shares, at Rs 1,800 per share, raising about Rs 8,568 crore. In November, it offloaded another 0.8% at Rs 2,030 per share, garnering Rs 10,300 crore. Separately, promoter group entity Indian Continent Investment divested 0.56% in November at Rs 2,096.70 per share.
Brokerages said the calibrated sell-down provides visibility on the eventual promoter configuration, while limiting abrupt shifts in ownership. Analysts added that management has indicated comfort with promoter holding moving closer to 40% over time, underscoring that control would continue to rest with Bharti Telecom.
Post the proposed restructuring, BTL is expected to remain at around 41%, making it the sole promoter vehicle. Singtel’s direct holding would reduce progressively from about 7% to nil over the stated period, while the Mittal family’s residual 1% outside BTL would also be brought down. The effective promoter control would therefore sit entirely within Bharti Telecom, even as overall promoter shareholding declines and public float increases.
Even after its direct stake in Bharti Airtel is brought down to nil, Singtel will continue to hold an indirect interest through its shareholding in Bharti Telecom. Singtel owns roughly 49% in Bharti Telecom, with the balance held by the Mittal family. Since Bharti Telecom in turn holds about 41% in Airtel, Singtel will retain an economic exposure to Airtel proportionate to its stake in Bharti Telecom, even though it will no longer be a direct shareholder in the listed company. Control, however, will vest with Bharti Telecom as the sole promoter vehicle.
Analysts said the transition does not signal a change in management control at Airtel, but rather a simplification of the promoter structure.