Singapore-based telecom firm Singtel is in talks with Bharti Airtel chairman Sunil Mittal to sell its 2-4 per cent stake in the company, a source aware of the development said on Thursday.
As per market capitalisation, Singtel will be able to generate close to Rs 7,500 crore on sale of its 2 per cent stake.
“The discussion is going on between Singtel and Mr Mittal. Singtel is looking to sell 2-4 per cent stake in Bharti Airtel to Mr Mittal,” a source who did not wish to be identified told PTI.
The source, however, did not disclose whether the transaction will take place in Bharti Airtel or Bharti Telecom.
An e-mail sent to Bharti Airtel seeking comments did not elicit any response.
Singtel’s effective stake in Bharti Airtel is 31.7 per cent. It holds a 49.44 per cent stake in Mittal family owned firm Bharti Telecom.
Bharti Telecom holds a 35.85 per cent in Bharti Airtel.