Singtel sells 0.8 per cent stake in Airtel for $711 million to GQG Partners

Singapore Telecommunications (Singtel) has sold a 0.8 per cent stake in Bharti Airtel for $711 million to GQG Partners.

GQG Partners has bought 49 million shares of Airtel at Rs 1,193.70. The sale, carried out through Singtel’s subsidiary Pastel Limited, resulted in Singtel’s effective stake in Airtel reducing from 29.8 per cent to 29 per cent. Earlier in 2022, Singtel had sold a 3.3 per cent direct stake in Airtel.

According to Singtel, it has sold stake in Airtel to fund the growth of its data centre and information technology (IT) services, as well as reduce net debt.