Singtel confirmed on Friday, May 16, that it sold a 1.2% stake in Bharti Airtel via block deals.
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In a statement, Singtel said it sold 7.1 crore shares in Bharti Airtel worth $1.54 billion or ₹13,221 crore. The stake was sold at ₹1,814 per share.
With this transaction, Singtel has trimmed its stake in Bharti Airtel to 28.3% from 29.5% earlier, having sold a 1.2% stake through these block deals.
Buyers in the transaction remain unclear as of now.
According to the term sheet, accessed by CNBC-TV18, Singtel’s unit Pastel was likely to sell its stake in the company through these deals.
The floor price of the block deal was fixed at ₹1,800 per share, which is a discount of 3.6% to Thursday’s closing price for Bharti Airtel. The transaction has taken place above the floor price.
There will also be a lock-up of 60 days for the further sale of shares.
According to the March quarter shareholding pattern, Pastel holds a 9.49% stake in Bharti Airtel.
Shares of Bharti Airtel are down 2.6% after the transaction at ₹1,818.
The stock, though, had closed near its all-time high of ₹1,917 on Thursday. The stock had gained 17% so far in 2025 as of Thursday’s close, featuring among the top gainers on the Nifty 50 index year-to-date.