(Nov 6): A Singapore Telecommunications Ltd unit offered to sell shares in Indian mobile carrier Bharti Airtel Ltd in a deal that may fetch 103.5 billion rupees (US$1.2 billion), terms of the offering show.
The unit, Pastel Ltd, offered to sell 51 million shares, or a stake of 0.8% in Bharti, at a floor price of 2,030 rupees each, according to terms of the deal seen by Bloomberg. The price represents a 3.1% discount to the stock’s closing price in Mumbai on Thursday.
The transaction will occur on local bourses on Friday, with the settlement expected on Nov 10, and there’s a lockup of 60 days, according to the terms. JPMorgan Chase & Co is the sole broker.
Shares of Bharti Airtel have rallied more than 30% this year, making the firm third biggest member of benchmark Nifty 50 Index by market value.
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