Singtel is divesting shares in India’s Bharti Airtel that are worth an estimated SG$2.25 billion ($1.61 billion). The Singapore telco says the move is part of its “capital recycling” plans and will go towards funding its growth initiatives, which include 5G development.
Singtel said in a statement Thursday that it would sell a 3.3% direct stake in Airtel to Bharti Telecom, the joint venture it had established with Bharti Enterprises. The sale would reduce Singtel’s total Airtel shares to 29.7%, worth an estimated SG$22 billion. It added that the sale would be exercised any time before November 22 this year.
Singtel CFO Arthur Lang said it would mark the first sale involving Airtel shares and help meet Singtel’s needs for 5G and growth initiatives over the next few years.
Lang noted that Airtel was expected to remain a “significant contributor” for Singtel, which had invested…
