Singtel Offloads 1.2% Bharti Airtel Stake for $1.5 Billion

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

- Press Trust of India

NEW DELHI:

Following the sale of 1.2% equity, Singtel will hold a 28.3% stake in India's second-largest telecom operator Airtel.

The transaction was executed on a private placement basis to international and Indian institutional investors, including existing shareholders of Airtel, according to Singtel.

"Singtel has sold approximately 1.2% of its direct stake in regional associate Airtel today for SGD 2.0 billion as part of its active capital management approach to optimize its asset portfolio and drive shareholder returns sustainably," Singtel, Southeast Asia's largest telecoms provider, said in a statement.