Singtel to sell 3.33% in Airtel to Bharti promoter arm for $1.61 bn

Kolkata: Singapore Telecommunications (Singtel) has decided to sell a 3.33% stake in Bharti Airtel to Bharti Telecom (BTL) – the promoter company of Airtel – for SGD2.25 billion ($1.61 billion approx).

After the stake sale, Singtel’s effective holding in Sunil Mittal-led Airtel will drop to 29.7% (from around 31.72% now) and be worth around S$22 billion ($15.8 billion). Its reduced holding in Airtel will comprise a 19.2% indirect stake through BTL and a 10.5% direct stake.

“Singtel and its affiliates have entered into an agreement to transfer 3.33% shares to BTL for an aggregate amount of approx SGD 2.25 billion, leaving direct shareholding of Singtel and Bharti in Airtel at 10% and 6% respectively,” BTL said in an exchange filing Thursday.