Skip to content
Grazia British
Singtel offers US1.2 billion stake in Bharti Airtel, terms show

Singtel offers US1.2 billion stake in Bharti Airtel, terms show

By Swedan Margen

Fashion

A Singapore Telecommunications unit offered to sell shares in Indian mobile carrier Bharti Airtel in a deal that may fetch US$1.2 billion, terms of the offering show.

The unit, Pastel, offered to sell 51 million shares, or a stake of 0.8 per cent in Bharti, at a floor price of 2,030 rupees (S$29.88) each, according to terms of the deal seen by Bloomberg. The price represents a 3.1 per cent discount to the stock’s closing price in Mumbai on Thursday (Nov 6).

The transaction will occur on local bourses on Friday (Nov 7), with the settlement expected on Nov 10, and there’s a lockup of 60 days, according to the terms. JPMorgan Chase is the sole broker.

Shares of Bharti Airtel have rallied more than 30 per cent this year, making the firm third-biggest member of benchmark Nifty 50 Index by market value. BLOOMBERG

Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

More Fashion