Singtel to sell Rs 10 ,300-crore Airtel stake
Bharti Airtel’s foreign promoter entity Singtel will divest 0.8% stake in the Indian telco for Rs 10,300 crore ($1.17 billion) through a block deal on Friday, according to a term sheet seen by FE. Singtel holds the stake in Airtel through its subsidiary Pastel.
The block deal will be executed at a floor price of Rs 2,030 per share, a 3.1% discount to Thursday’s closing price of Rs 2,094.9 on the National Stock Exchange. JP Morgan India is the placement agent for the transaction. Pastel will offload approximately 50.1 million shares in Airtel.
