Singtel sells 1.2% direct stake in Bharti Airtel for $1.54 bn

Singapore Telecommunications said on Friday it had sold around 1.2% of its direct stake in India's Bharti Airtel for S$2 billion ($1.54 billion), netting an estimated gain of S$1.4 billion.

Pastel, a unit of Southeast Asia's largest telecommunications provider, has sold 71 million shares in Airtel at 1,814 rupees apiece.

The price reflect a 2.85% discount to the closing price of Airtel's stock on Thursday.

Singtel said its stake in Airtel will drop from 29.5% to 28.3%, which is valued at an around S$48 billion.

Bharti Airtel shares were down 2.8% at 1816.3 rupees in Mumbai. The company did not immediately respond to a Reuters request for comment.