Bharti Airtel Limited Divests entire stake in Seynse Technologies: MSCI to raise its stake in Feb quarterly index review
Bharti Airtel Limited has divested its stake in Seynse Technologies Private Limited ('Seynse')
Bharti Airtel Limited has divested its stake in Seynse Technologies Private Limited ('Seynse') held through Nettle Infrastructure Investments Limited, a wholly-owned subsidiary of the Company. The divestment was done for a cash consideration of an undisclosed sum.
Annual Turnover of Seynse as on March 31, 2020, is Rs. 62,52,958.
In a regulatory filing on Thursday Bharti Airtel said, "The Company has divested its stake in Seynse Technologies Private Limited ('Seynse') held through Nettle Infrastructure Investments Limited, a wholly-owned subsidiary of the Company."
Seynse is a financial technology company that has created Loan Singh Platform. Loan Singh is a digital lending platform designed to make credit easily accessible to millions of creditworthy yet under-served Indians.
Besides, Index provider MSCI has said that Bharti Airtel will be a part of its February 2021 quarterly index review. The NSDL has updated the foreign investment limit for Bharti Airtel to 100 per cent from 49 per cent. The MSCI quarterly review will be announced on February 9, 2021, and effective from March 1, 2021. MSCI reviews foreign ownership limit and the foreign room until the price cut-off date on a quarterly basis.
MSCI said, "The proforma FOL (foreign ownership limit) and upward movement of the adjustment factor due to foreign room will be implemented as part of the upcoming February 2021 Quarterly Index Review (QIR)."
the index provider added, "The proforma Foreign Inclusion Factor (FIF) will be announced along with the scheduled February 2021 QIR announcement, on February 9, 2021. All changes will be implemented as of the close of February 26, 2021 (effective March 1, 2021).
The telecom major had received approval from the DoT (Department of Telecommunications) to increase its foreign investment limit to 100% of the paid-up capital in January 2020. As a result, there was a weightage drop in MSCI index rebalancing in August 2020 which caused significant outflows. Also, Bharti Airtel on Tuesday said that it has received approvals for its relevant downstream investments and it had initiating process to revise its FII limit to 100% per cent.
Shares of Bharti Airtel Ltd. was the last trading at Rs 579.30 on NSE as compared to the previous close of Rs 578.25.