Singapore telecom giant Singtel to offload 1% equity in Airtel for $1 billion

Singtel, Singapore’s telecom giant, is likely to sell shares worth $1 billion (about Rs 8,570 crore) in Bharti Airtel through a large block deal on Friday. The deal involves the sale of 4.76 crore shares, with the floor price set at Rs 1,800 per share — a 3.6% discount to Bharti Airtel’s last traded market price.

The deal will be managed by JP Morgan, the designated broker for the transaction. Singtel’s Pastel currently holds a 9.49% stake in Bharti Airtel, and this sale will reduce its holding by just under 1%.