News: Singtel has announced that it would sell 3.3% direct stake (18.9 crore shares) in Bharti Airtel to Bharti Telecom (promoter entity jointly held by Singtel & Airtel). The total deal is valued at $1.61 billion (Rs 12,900 crore).
View: We note that it implies that deal is at ~Rs651 per share or ~12% effective discount to market price. Nonetheless, it is an inter promoter transfer and the overall promoter's shareholding will remain unchanged at ~55.9% with SingTel effectively holding 29.7% and Sunil Mittal group effectively holding 26.2%, post the deal.
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