Singtel is looking to sell another tranche in Bharti Airtel through block deals, reported CNBC-Awaaz on February 17 citing sources. Singtel will sell shares as part of capital recycling program and proceeds are likely to be used to strengthen balance sheet and reward shareholders. The Singtel Board will meet later this week to take a call on stake sale. At 3 pm on NSE, Airtle shares were trading nearly 3% lower at Rs 1,670 apiece. The company’s net debt as of September 30 was $7.8 billion and will announce its business update for December quarter on February 19. The stake sales are part of a strategy started in 2021 to reduce debt and provide more value to shareholders through dividends and growth of its data centre and IT services, according to the channel. The channel added that Singtel earlier sold 0.8% stake in Airtsel to GQG through block window deal in March 2024. Airtal’s average revenue per user (ARPU), which it leads its rivals by a wide margin, rose 5.2% sequentially and 18% year-on-year to Rs 245. It also reported a one-time gain of Rs 7,546 crore, which mainly includes gains from the rise in valuation of its stake in its unit Indus Towers.
Singtel is looking to sell another tranche in Bharti Airtel ….
