By Kimberley KaoSingapore Telecommunications is selling 0.8% stake in Indian telecommunications company Bharti Airtel to U.S.-based investment firm GQG Partners for 950.0 million Singapore dollars (US$709.5 million). After the sale, Singtel will hold an effective stake of 29.0% in Bharti Airtel, which is worth approximately S$33 billion. Singtel has been a strategic investor in New Delhi-based Bharti Airtel for over 20 years. Singtel shares are trading 0.4% higher at S$2.35, while shares of Bharti Airtel are up 0.6% at INR1200.95. The original version incorrectly said Singapore Telecommunications is selling 0.8% of its stake in Bharti Airtel in the first paragraph.

Source: Wall Street Journal March 07, 2024 06:32 UTC