Singtel to trim Airtel stake, sell 0.8% in $1 billion block deal

MUMBAI: In one of the biggest block deals in recent years, Singapore Telecom (Singtel), one of the promoters of telecom services major Bharti Airtel , is offloading 0.8% in the Indian telco through block deals on Friday. The deal could bring in nearly Rs 8,600 crore, translating to $1 billion for Singtel, the term sheet for the deal showed.

As of March 2025, Singtel was holding nearly 12% in Bharti Airtel, its shareholding disclosure to the BSE showed. It holds the Bharti Airtel stake through two arms: Pastel Ltd (9.5%) and India Continent Investment (2.5%). Pastel is offloading 4.76 crore Bharti Airtel shares at a floor price of Rs 1,800 per share, which is a 3.6% discount to the stock’s Thursday closing price at Rs 1,867.

JP Morgan India is the broker for the deal, the term sheet showed. The deal is set to be executed through the accelerated book-building process. Under this process, the broker managing the deal, after the close of the day’s trading, sends out the term sheet to large institutions to express their interest in buying shares from the block. Once the book is built, the shares change hands the next day on the bourses.

Singtel’s $1-billion worth of Bharti Airtel block was announced on Thursday evening and is set to be executed on Friday.