Singtel Sells 1.2% In Bharti Airtel For $1.5 Bn

New Delhi: Singtel on Friday said it has sold about 1.2 per cent of its direct stake in Bharti Airtel for $2 billion (roughly $1.5 bn) in sync with its active capital management approach to optimise its asset portfolio and drive shareholder returns sustainably.

The transaction was executed via a private placement to international and Indian institutional investors, including existing shareholders of Airtel, Singtel said. The private placement drew strong interest from existing shareholders and new investors and was well oversubscribed, resulting in both an increase in transaction size as well as tighter final pricing than initial guidance. A large majority of the transactions were sold to domestic mutual funds and international long-only funds.

“Singtel has sold approximately 1.2 per cent of its direct stake in regional associate Airtel on Friday for $2.0 billion as part of its active capital management approach to optimise its asset portfolio and drive shareholder returns sustainably,” Singtel said in its statement.