Singtel and its affiliates have entered into an agreement to transfer approximately 3.33 per cent shares to BTL for an aggregate amount of approximately 2.25 billion Singapore dollars, leaving direct shareholding of Singtel and Bharti in Airtel at around 10 per cent and 6 per cent respectively.
Singtel, Southeast Asia’s largest telecommunications company, said that two of its units- Pastel Ltd and Viridian Ltd- entered into an agreement with Bharti Telecom- a joint venture between Singtel and Bharti Enterprises- for the sale.
Bharti and Singtel have agreed to work towards equalizing their stake in Airtel over a period. As long-term strategic investors and partners, the value of stakes our regional associates has risen substantially over the years but has not been properly reflected in its share price. This sale in Airtel will be the first ever and seeks to address this gap.