Singapore Telecommunications has completed the divestment of its 198 million shares of Bharti Airtel on Sept 27.
The stake, amounting to 3.3% of the total shares in Bharti Airtel, was eventually sold for a consideration of $2.54 billion.
On Aug 25, Singtel announced the sale of its shares in Bharti Airtel to Bharti Telecom through its indirect wholly-owned subsidiaries Pastel Limited and Viridian Limited.
According to Singtel, the sale is part of the group’s capital recycling strategy.
Following the completion of the divestment, Singtel's effective stake in Bharti Airtel now stands at 29.7% from 31.4% previously.
The remaining stake of 29.7% is estimated to be worth $22 billion. It comprises a 19.2% indirect stake through Bharti Telecom and a direct stake of 10.5%.
See also: Singtel to dispose of 3.3% stake in Airtel to Bharti Telecom for $2.25 bil
Shares in Singtel closed 1 cent lower or 0.38% down at $2.64 on Sept 26.
