Singtel Group to sell 3.3% of its shares in India's Airtel for $2.25b

The sale will be executed anytime before 23 November.

Singtel Group will sell 3.3% of its shares in Bharti Airtel Limited to Bharti Telecom Limited (BTL) for an aggregate consideration of $2.25b.

In a bourse filing, the company said the sale and transfer of its 198 million shares to BTL will be executed anytime before 23 November.

Singtel said proceeds of the sale will enhance its cash flow and balance sheet flexibility and may be used to reduce its debts or fund its needs for 5G capital expenditure and growth initiatives.

Following the transfer of sales, Singtel's stake in Airtel will drop to 29.7% from 31.4%.

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