Singapore Telecommunications Limited (SingTel) is reportedly planning to sell its stake in Bharti Airtel through a block deal valued at approximately Rs 8,500 crore, reported CNBC-Awaaz on February 17, citing sources. The company's board is expected to meet this week to discuss the proposed sale as part of its broader capital management strategy.
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Previous Stake Sale
SingTel currently holds around 28.9 percent in Bharti Airtel, including a 9.5 percent direct stake through its subsidiary, Pastel Limited. This move follows a previous divestment in March 2024, when SingTel sold a 0.8 percent stake to GQG Partners at Rs 1,193.70 per share.
Singtel has been focusing on optimising its financials, with its net debt standing at USD 7.8 billion as of September 30, 2024. It is also exploring a SGD 6 billion asset recycling pipeline, according to the report.
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Upcoming Business Update
SingTel is set to announce its business update for the December quarter on February 19, 2025. The company is a Singapore-based communications group offering services such as mobile, broadband, and TV across Asia, Australia, and Africa.
