Singapore Telecommunications is expected to sell shares worth $1 billion in Indian telecom major Bharti Airtel on Friday through block deals, the Business Standard newspaper reported on Thursday, citing sources.
Southeast Asia’s largest telecom operator, SingTel, is looking to sell 47.6 million Airtel shares at a floor price of 1,800 rupees a share, a 3.6% discount to the stock’s last close, the report said.
JP Morgan is likely to be the broker for the deal, it added.
SingTel has been reducing its stake in Airtel for a while. In March last year, it sold shares worth $711 million to GQG Partners.
It held a 9.49% stake in Airtel through its affiliate Pastel Ltd, according to exchange data as of March-quarter.
Airtel and SingTel did not immediately respond to Reuters requests for comments.
Reuters
