$Singtel (Z74.SG)$ Singapore Telecommunications (Singtel) ha...

Singapore Telecommunications (Singtel) has sold a 0.8% stake in Indian associate Bharti Airtel, amounting to 49 million shares, for 1,193.70 rupees ($16.35) per share to GQG Partners. The sale is estimated to result in gross proceeds of around SGD950m ($695m), with a net gain of SGD700m expected.

Following the completion of the sale, Singtel's effective stake in Airtel will decrease to 29% from 29.8%. Singtel, which has been invested in Airtel since 2000, intends to remain invested in its India associate over the long term while working with Bharti Enterprises to equalise its effective stake in Airtel over time.