Singtel sells 1.2% direct stake in Airtel for around Rs 13,182 crore via pvt placement
[hfe_template id='11223']
[ad_1]
Singapore Telecommunications (Singtel) has sold roughly a 1.2% direct stake in Bharti Airtel for $1.54 billion (approximately Rs 13,182 crore), netting an estimated S$1.4 billion ($1.08 billion), the Singapore-based telco said on Friday. Pastel Ltd, an affiliate of Singtel, sold 71 million shares in the Sunil Mittal-led Bharti Airtel at Rs 1,814 apiece. The deal price reflects a discount of around 2.83% to Airtel’s closing price on Thursday. “The transaction was executed via a private placement to international and Indian institutional investors, including existing shareholders of Airtel,” Singtel said in an official statement on Friday. It added that the private placement “received strong interest from existing shareholders and new investors and was well oversubscribed,” resulting in both an increased transaction size and tighter final pricing than initially guided. A large majority of the transaction was sold to domestic mutual funds an...