Bharti Airtel’s foreign promoter entity Singtel will divest 0.8% stake in the Indian telco for Rs 10,300 crore ($1.17 billion) through a block deal on Friday, according to a term sheet seen by FE. Singtel holds the stake in Airtel through its subsidiary Pastel.
The block deal will be executed at a floor price of Rs 2,030 per share, a 3.1% discount to Thursday’s closing price of Rs 2,094.9 on the National Stock Exchange. JP Morgan India is the placement agent for the transaction. Pastel will offload approximately 50.1 million shares in Airtel.
The transaction will occur on local exchanges, with the settlement expected on November 10, and the terms include a lock-up period of 60 days. The Singtel subsidiary is the largest foreign promoter entity in the Indian telecom service provider with a shareholding of 8.32% before Friday’s block deal.
On May 16 this year, the promoter firm had sold 1.2% stake (47.6 million shares) in Airtel to raise Rs 8,568 crore at a floor price of Rs 1,800 per share. Pastel has been steadily divesting its stake in the telco, with its shareholding coming down from 9.49% as of March 31, 2025.
“This transaction allows us to crystalise value at an attractive valuation while remaining a significant shareholder of Airtel. We are pleased to welcome new like-minded investors who share our conviction in Airtel’s strong growth potential as India pursues its vision of achieving a $1 trillion digital economy. This will further strengthen Airtel’s shareholder base so that we can collectively support its long-term growth,” Arthur Lang, Singtel’s group chief financial officer, had said in a statement in May.
The Singapore-based promoter had stressed that the disinvestment reflected Singtel’s focus on disciplined capital deployment and continued value delivery for its shareholders. As part of the Singtel28 growth strategy, the company has highlighted the importance of active capital management and the financial flexibility it provides to fund new growth opportunities while maintaining capital returns.
