Singtel offloads 1.2% stake in Airtel

Singtel on Friday said it has sold about 1.2 per cent of its direct stake in Bharti Airtel for SGD 2 billion (roughly USD 1.5 billion) in sync with its active capital management approach to optimise its asset portfolio and drive shareholder returns.

According to the bulk deal data available on the National Stock Exchange (NSE), Singtel’s arm Pastel Ltd offloaded 7.10 crore shares or 1.2 per cent stake in Bharti Airtel. The shares were disposed of at an average price of Rs 1,814.08 apiece, taking the aggregate transaction value to Rs 12,879.96 crore.

Now, Singtel will hold a 28.3 per cent stake in India’s second-largest telco.

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