Singtel sells 0.8% direct stake in Airtel, expects S$700 million gain

[Magical Fingertip]

SINGTEL has sold 49 million of its shares in Bharti Airtel, amounting to a 0.8 per cent stake in its Indian associate, for 1,193.70 rupees per share to US-based investment firm GQG Partners.

On Thursday (Mar 7), the telecommunications provider estimated the deal to result in gross proceeds of about S$950 million.

It expects to net a gain of about S$700 million from the transaction, which was conducted on the National Stock Exchange of India and will be settled in rupees.

The sale shares are estimated to have a carrying value of about S$100 million. Their latest open market value stood at S$930 million based on the volume-weighted average price of Airtel's shares on BSE and the National Stock Exchange of India.

Following completion of the sale, Singtel's effective stake in Airtel will decrease to 29 per cent from 29.8 per cent.

Airtel has been an associate of Singtel since 2000 when the group first began acquiring stakes in it.


No wonder they suck India cock so intensely!

[default]

good for them

[YSL]

Well, its about time we made some money out of that country, considering that we're harbouring a truckload of their economic refugees.

[SBV7230]

Erhhhh.. not so easy to get back the profits.. must pay the fine first 🤭..
u wanna earn ah neh money so easy huh?
Invest $10 , must pay them back $12 to get back the $10 ..really WTF🤭

[GhostZM]

Well, its about time we made some money out of that country, considering that we're harbouring a truckload of their economic refugees.

Maybe we have already lost billions to that country before this..lol


CheerS!!!😉