Singtel arm to sell shares worth ₹856 crore in Bharti Airtel

Singapore-based telecom conglomerate Singtel’s subsidiary will sell shares worth ₹856 crore or a 0.8% stake in Bharti Airtel through a block deal on Friday, according to people in the know.

Pastel Ltd, Singtel’s subsidiary, will sell 47.6 million Bharti Airtel shares at an offer price of ₹1,800 per share. This is a 3.3% discount to the closing price of ₹1,863.10 on the National Stock Exchange. Brokerage JP Morgan will manage the deal.