JSA, TT&A act on Singtel's $1.54 billion stake sale of Bharti Airtel

Pastel Limited, a wholly-owned subsidiary of Singtel, has made an on-market sale of 1.2% of the equity capital of Bharti Airtel Limited on the block deal window of the exchange, at a valuation of $1.54 billion.

JSA Advocates & Solicitors advised Pastel Limited on this stake sale.

The transaction team consisted of Vikram Raghani (Lead Partner), Bir Bahadur Singh Sachar (Partner), Ami Shah (Principal Associate) and Tavishi Chandra (Associate).

TT&A advised JP Morgan, who acted as the broker on this transaction.

The transaction team consisted of Abhinav Kumar (Partner) and Shubham Sancheti (Managing Associate).

Following this sale, Singtel's stake in Bharti Airtel decreased from 29.5% to 28.3%, valued at around S$48 billion (approximately $37 billion). The private placement attracted strong interest from both domestic mutual funds and international long-only funds, indicating robust investor confidence in Airtel's growth prospects

This divestment is part of Singtel's ongoing capital recycling strategy, initiated in 2021, aimed at optimizing its asset portfolio and enhancing shareholder returns. Previous stake reductions include a 3.3% sale to Bharti Telecom in 2022 and a 0.8% sale to GQG Partners in 2024. The proceeds from these sales have been utilized to support Singtel's investments in 5G deployment, digital infrastructure expansion, and to fund shareholder dividends.

Singtel, or Singapore Telecommunications Limited, is a multinational telecommunications company headquartered in Singapore. Singtel offers a wide array of services, including mobile and fixed-line telecommunications, broadband internet access, data centers, and digital lifestyle services. The company is heavily involved in 5G network development and deployment, playing a crucial role in the digital transformation across its operational markets.

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