Singtel May Sell Stake In Indian Telco Bharti Airtel Worth Over $1 Bil, According To CNBC Awaaz
Singtel previously sold a 0.8% stake in Bharti Airtel in March 2024 for $950 million.
Singapore Telecommunications (Singtel) may sell its stake in associate Bharti Airtel through a block deal, according to a report by CNBC Awaaz, an Indian business channel owned by NBC Universal on Feb 17.
The estimated value of the transaction, according to CNBC Awaaz is INR8,500 crore, or $1.312 billion.
The Edge Singapore has reached out to Singtel for a comment.
Last March, Singtel sold a 0.8% stake in Bharti Airtel to GQG Partners through a block deal, worth $950 million as reported by Reuters, taking advantage of an ongoing gain in Bharti Airtel's share price for the past few years.
Following this transaction in March 2024, Singtel owns a 29% stake in Airtel.
Shares in Singapore Telecommunications Z74 closed 4 cents down or 1.19% lower at $3.32.
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