(Reuters) -Singapore Telecommunications Ltd said on Thursday it would sell a 3.3% stake in India’s Bharti Airtel Ltd to Bharti Telecom Ltd for an aggregate consideration of about S$2.25 billion ($1.61 billion).
Singtel, southeast Asia’s largest telecom firm, said its units Pastel Ltd and Viridian Ltd would together sell 198 million shares they hold in India’s second-biggest telecom operator.
The stake sale comes at a time when Singtel trims down its portfolio to sharpen focus on core businesses.
Singtel said last month it would sell its loss-making digital marketing arm Amobee for $239 million, monetised a 1.6% stake in Airtel Africa for about S$150 million in March, and sold a 70% stake in its Australian tower network for A$1.9 billion last year.
After the stake sale, Singtel’s effective holding in Bharti Airtel will fall to 29.7%, it added.
Proceeds from the sale may be used to reduce the group’s debt and fund 5G capital expenditures and growth initiatives.
($1 = 1.3934 Singapore dollars)
(Reporting by Shashwat Awasthi; Editing by Arun Koyyur and Subhranshu Sahu)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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