Singtel likely to sell 0.8% in Bharti Airtel in ₹10,300 crore deal

Pastel, a promoter group entity owned by Singapore’s Singtel, plans to sell shares of Bharti Airtel worth up to Rs 10,300 crore through block deals on Friday, according to the terms of the transaction.

 

The floor price has been set at Rs 2,030 per share, representing a discount of about 3.1 per cent to Airtel’s Thursday closing price of Rs 2,095. The offer comprises 50 million shares, or around 0.8 per cent of the telecommunications (telecom) company’s equity. JP Morgan India is the sole bookrunner for the deal.

 

Since January, Airtel shares have risen 32 per cent, compared with an