According to sources, Singtel’s board will hold a meeting this week to discuss the proposed stock sales, which is part of its capital management strategy. However, an official response from Singtel on this issue is still awaited.
Prior to the proposed sale, Singtel holds approximately 30% on Bharti Airtel.
Singtel is a leading communications group providing services such as mobile, broadband, television and other services in Asia, Australia and Africa. In the December quarter, the promoter of Bharti Airtel reduced its shares from 53.14% to 53.11%, while the mutual fund increased its holdings from 10.71% to 11.37%.
On Monday, Bharti Airtel shares were trading downwards. At the time of writing, the stock price was £1,682.25, down 2.03%. However, in stock has shown impressive growth over the past year, up 48.12%.
Singtel previously sold a 0.8% stake in Bharti Airtel to GQG partners through a block window transaction in March 2024. The transaction was executed at £1,193.70 per share. As of September 30, 2024, Sintel’s net debt was $7.8 billion. The company is scheduled to announce its December quarter business update on February 19, 2025.
Pastel Limited, a subsidiary of Singtel, holds a direct stake of 9.5% in Bharti Airtel, contributing Singtel’s total interest to 28.9%. Singtel emphasizes its focus on active capital management, as highlighted in its investors presentations and annual report. The company is also investigating a $6 billion (Singpore Dollar) asset recycling pipeline as part of its broader financial strategy.
Also Read: BSNL’s new £347 plan offers unlimited calls, data and free live TV
First published: February 17, 2025, 2:44pm IST
