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News Topical, Digital Desk : Singapore telecom company Singtel, a shareholder in Bharti Airtel, is now going to sell shares worth about ₹8,500 crore ($1 billion). According to information received by CNBC Awaaz from sources, this sale will be done through a block deal and about 5 crore shares will be sold in it.
Deal highlights: Deal size: ₹8,500 crore (approximately $1 billion) Selling company: Singtel Number of shares: Around 5 crore Floor price: ₹1,800 per share
Discount: This price is around 3.6% below the current market price (CMP) Brokerage firm: JP Morgan will block the deal The news of the deal may lead to volatility in Airtel shares, especially in intra-day trading. However, investors may view the deal as a partial exit of a large shareholder and not a negative signal. Singtel has been a long-term strategic investor in Airtel. This deal may be part of portfolio balancing rather than selling the entire stake. Singtel has previously taken steps towards raising strategic capital and recalibration by reducing some stake in India. If the shares sell above the floor price, it may indicate strong demand in the market. On the other hand, the stock may remain under pressure for some time after the deal.
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