Singtel to sell US$1 billion stake in Bharti Airtel via block deals: report

[BENGALURU] Singapore Telecommunications (Singtel) is expected to sell shares worth US$1 billion in Indian telecom major Bharti Airtel on Friday (May 16) through block deals, the Business Standard newspaper reported on Thursday, citing sources.

South-east Asia’s largest telecom operator, Singtel, is looking to sell 47.6 million Airtel shares at a floor price of 1,800 rupees a share, a 3.6 per cent discount to the stock’s last close, the report said.

JP Morgan is likely to be the broker for the deal, it added.

Singtel has been reducing its stake in Airtel for a while. In March last year, it sold shares worth US$711 million to GQG Partners.

It held a 9.49 per cent stake in Airtel through its affiliate Pastel, according to exchange data as at March-quarter.

Airtel and Singtel did not immediately respond to Reuters requests for comments. REUTERS