Singtel arm to sell 0.8% in Airtel for 10.5k crore
Mumbai: Pastel Ltd, an investment arm of Singtel of Singapore that holds 8.3% stake in telecom services major Bharti Airtel, has mandated JP Morgan India to sell 0.8% stake in the company for at least Rs 10,350 crore (about $1.2 billion) through block deals on Friday.
According to the deal’s term sheet , the Singtel arm is selling about 5.1 crore Bharti Airtel shares at a per-share floor price of Rs 2,030. This price is at a 3.1% discount to Bharti Airtel’s Thursday closing price of Rs 2,095.
