Singapore Telecommunications (Singtel) said Friday it has sold a 0.8% stake worth about $1.16 billion in Bharti Airtel, India’s second-largest telecom operator, continuing its strategy of recycling assets to fund digital growth initiatives.
The sale, carried out through Singtel’s subsidiary Pastel, involved 51 million shares priced at 2,030 rupees ($23.10) each — a 3.1% discount to Airtel’s last closing price. The transaction was completed through a private placement to institutional investors.
The divestment is part of Singtel’s S$9 billion asset recycling program, launched to finance new investments in digital infrastructure and services while boosting shareholder returns.
After the sale, Singtel’s stake in Bharti Airtel stands at 27.5%, down from 31.4% in 2022. The company has been gradually trimming its holdings since 2022 to free up capital, while still maintaining strategic exposure to India’s high-growth telecom sector.
The sale is expected to bring in an estimated S$1.1 billion ($805 million) gain, reflecting continued investor confidence in Bharti Airtel, whose stock has more than quadrupled since 2019 thanks to strong financial performance.
Singtel’s shares rose as much as 5% in Singapore before stabilizing around S$4.65, while Bharti Airtel shares slipped 4.5% in Mumbai. According to LSEG data, over 55 million shares traded in block deals during the session.
