Singtel to sell 0.8% Bharti Airtel stake in Rs 10,300 crore block deal: Report
Singapore Telecommunications Ltd (Singtel) is reportedly set to offload about 0.8% stake in Bharti Airtel through a block deal worth Rs 10,300 crore. The deal is priced at a floor of Rs 2,030 per share, reflecting a 3.1% discount to Bharti Airtel’s last closing price.
The stake sale is likely part of Singtel’s ongoing effort to restructure and optimise its holdings in regional telecom ventures. The Singapore-based telecom major has been gradually trimming its position to unlock capital and focus on core businesses. In May this year, the company sold a stake worth 2 billion Singapore dollars in Airtel.
