Singtel Sells Stake in Bharti Airtel Sparking Market Reaction
Bharti Airtel's shares fell nearly 3% following Singtel's sale of 1.2% of its stake for SGD 2 billion, aligning with Singtel’s strategy to enhance asset optimization and shareholder returns. The private placement found keen interest from investors, tightening pricing and increasing transaction size.
- Country:
- India
Shares of Bharti Airtel dropped nearly 3% on Friday after Singapore's Singtel announced it sold 1.2% of its direct stake in the telecom giant for SGD 2 billion, equivalent to USD 1.5 billion.
The stock witnessed a downturn, sinking 2.81% to Rs 1,814.35 on the BSE and hitting a low of Rs 1,810.10 during the day. It faced a similar decline on the NSE, falling 2.82% to Rs 1,814.40, and emerged as the biggest loser among Sensex and Nifty companies.
Singtel's strategic sale is part of its capital management plan aimed at optimizing its asset portfolio and ensuring sustainable shareholder returns, executed through a private placement to both international and Indian institutional investors.
(With inputs from agencies.)
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