SingTel plans to sell shares worth Rs 8,500 crore in Bharti Airtel: Reports

Singapore Telecommunications Ltd (SingTel) is planning to sell another tranche of stakes in Bharti Airtel through a block deal, stated a report by CNBC Awaaz on Monday citing sources. Per the report, SingTel is expected to sell shares worth $1 billion of Rs 8500 crore.

While there was no official statement from SingTel, sources maintained that the company board is expected to meet this week to discuss the proposed stake sale as part of its capital management strategy.

SingTel holds approximately 30 per cent in Bharti Airtel after it raised its holding in the telecom major in November. The shares of Mittal family, however, dipped to 23.7 per cent during the same time. Bharti Telecom (BTL), meanwhile, had increased its stake in Bharti Airtel to 40.33 per cent by acquiring an additional 1.2 per cent from another Airtel promoter group entity, Indian Continent Investment (ICIL), through an off-market transaction. The Mittals own a 50.56 per cent stake in BTL while Singtel owns 49.44 per cent

Shares of Bharti Airtel dropped by 2.34 per cent at 3:30 pm to a trading price of Rs 1,676.90.

Earlier in February, Bharti Airtel released its fiscal third quarter earnings report with profit at Rs 14,781.20 crore, recording a growth of 505.24 per cent in comparison to Rs 2442.20 crore during the corresponding quarter of FY24. The telecom major had recorded Q3 revenue from operations at Rs 45,129.30 crore, up 19.08 per cent YoY. Bharti Airtel had reported an exceptional gain of Rs 7545.6 crore, primarily due to consolidation of Indus Towers. The company reported industry leading ARPU growth to reach Rs 245 compared to Rs 208 in Q3FY24.