BUSINESS STANDARD
Singapore Telecommunications Ltd (Singtel) has sold a 1.2 per cent direct stake in Bharti Airtel for S$2 billion (approximately $1.54 billion), resulting in an estimated gain of S$1.4 billion, the company said in an exchange filing.
The sale was executed through Pastel, a wholly owned unit of Singtel, which offloaded 71 million Airtel shares at ₹1,814 per share. The transaction was priced at a 2.85 per cent discount to Airtel's closing stock price on Thursday.
Following the sale, Singtel’s holding in Bharti Airtel will fall to 28.3 per cent from 29.5 per cent. The remaining stake is now valued at around S$48 billion.
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