Singtel to sell Bharti Airtel shares worth ₹12,900 crore

It was announced today that Singtel, a Singapore-based telecommunications company has sold their stake in Bharti Airtel

The sale will completion prior to occurring on July 2nd and marks an effective reduction from 31% down 29%.

The company has said that it will be depositing a significant amount of cash into an escrow account in order to partially divest its stake

 This follows upon announced plans earlier this year where they revealed the intentions behind investing

The partiality regarding Bharti Air'tels' operations isn’t just limited within their home country

The largest telecom business in Southeast Asia, Singtel announced on August 25 that it would sell its stake to Bharti Telecom Ltd for about $1 billion.

In a historic transaction, we are pleased to announce that the sale and transfer of our company will be executed any time before 23 November 2022

The aggregate consideration for this acquisition is approximately SGD2 billion (₹12900 crore).

With its portfolio simplifying, Singtel is reportedly considering options for disposing of an advertising platform

 It might even sell Trustwave Holdings Inc., a cyber security company and some fibre assets in order to capitalise on future growth