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Singapore Telecommunications (Singtel), heralded as Southeast Asia's largest telecom, has sold a 1.59% stake in Airtel, India's second-largest telecom, in a block deal to Bharti Telecom Ltd. (BTL).
According to NSE Block Deal Data, Pastel, a unit of Singtel, offloaded 94 million shares in Airtel at a price of Rs 772.50 per share. This came up to 1.59% in Airtel and the entire stake was purchased by BTL.
This comes after Singtel announced a 3.33% stake sale to BTL in late August 2022. Singtel has been on a selling spree as it is raising funds to fund growth initiatives, launch its 5G services, and reduce debt. Early in September 2022, Pastel and Viridian, units of Singtel, offloaded a 1.76% stake in Airtel for around Rs 7,128 crores.
After this deal, promoter company BTL's stake has gone up to 38.76% while that of Singtel is somewhat below 29%. Pastel's holding has fallen to 10.62% from 13.84% held in July.
The family of the Chairman of Bharti Group, Sunil Mittal, and Singtel are the main investors in BTL. Earlier, BTL had announced that Bharti and Singtel were planning to adjust their holdings in Airtel which would allow BTL to improve its holding in Airtel.
The share of Airtel declined over 1.7% today as it currently trades around Rs 770 per share.
Article by Aman Agarwal.
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