Singtel offloads 1.2% direct stake in Airtel for $1.5 bn via block deal

Singtel on Friday sold Bharti Airtel shares worth $1.5 billion (₹12,750 crore) through a scheduled block deal that saw its stake in the telco reduce by 1.2 per cent.

Offloading 71 million Airtel shares at ₹1,814 apiece, Singtel will now hold 28.3 per cent stake in Airtel, down from 29.5 per cent earlier. Executed through its wholly owned subsidiary Pastel, the sale was oversubscribed. The transaction was priced at a 2.85 per cent discount to Airtel’s closing stock price on Thursday.