Singapore Telecommunications (SingTel) has sold a 0.8% stake in Bharti Airtel for S$950 million to GQG Partners, a US-based investment firm, reported Reuters.
SingTel's move aligns with its ongoing capital recycling efforts, as reported by Reuters. The firm is Asia's biggest telecom operator.
Singtel's subsidiary Pastel Ltd which held a 10% stake in Bharti Airtel sold 4.9 crore shares at a price of ₹1,193.7 apiece, according to an NDTV Profit report.
After the stake sale in Bharti Airtel, SingTel now owns a 29% stake in Airtel, valued at approximately S$33 billion.
The firm in FY23 reported a profit of S$2,225 million. Meanwhile, Bharti Airtel reported ₹37,900 crore in revenue in Q3’24, up by 5.9% year on year and a profit of ₹2,442 crore.
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