Singtel sells Airtel stake for $1.76bn

Singapore Telecommunications Ltd (Singtel) has completed its planned sale of a 3.33 per cent stake in Bharti Airtel for around $1.76 billion.

Bharti Telecom Ltd (BTL), a promoter entity of Bharti Airtel, has acquired around 3.2 per cent of this stake.

“Singtel wishes to announce that its indirect wholly owned subsidiaries, Pastel Ltd and Viridian Ltd, have sold and transferred an aggregate of 198 million shares of Bharti Airtel, representing approximately 3.3 per cent of the total number of equity shares of the Indian telco,” Singtel said in a regulatory filing on Tuesday.