Advisors JSA and TT&A offer guidance on Singtel's proposed $1.54 billion share sale in Bharti Airtel
Singapore Telecommunications Limited (Singtel) has announced the sale of a 1.2% equity stake in Bharti Airtel, India's leading telecommunications company, for an estimated value of approximately SGD 1 billion. The transaction was facilitated by JP Morgan and advised by DBS Bank Ltd, according to recent financial reports and market activities.
The sale was executed through the exchange's block deal window and forms part of Singtel's strategy to optimise its asset portfolio. Arthur Lang, group chief financial officer of Singtel, commented that the transaction allows Singtel to crystallise value at an attractive valuation while remaining a significant shareholder of Airtel.
JSA Advocates & Solicitors advised Singapore's Singtel on the on-market sale, with partners Birbahadur Sachar, Vikram Raghani, and Abhinav Kumar leading the team. Associate Tavishi Chandra and senior associate Shubham Sancheti were also included in the JSA team.
Meanwhile, Talwar Thakore & Associates (TT&A) represented JP Morgan, the broker facilitating the deal. TT&A's team was led by partner Abhinav Kumar. Principal associate Ami Shah was a member of the JSA team for the Bharti Airtel equity sale.
The sale reduces Singtel's stake in Bharti Airtel from 29.5% to 28.3%. Singtel aims to equalise its effective stake in Airtel in the medium term, working with Bharti Enterprises. The telecommunications giant stated in an exchange filing that the sale was part of its active capital management approach.
The on-market sale of Bharti Airtel's equity, valued at $1.54 billion, is a significant move in the telecommunications industry, reflecting Singtel's commitment to strategic asset optimisation. The transaction underscores the strong partnership between Singtel and Bharti Airtel and the ongoing collaboration between the two companies.
The sale of Bharti Airtel's equity was part of Singtel's strategy to optimize its asset portfolio and crystallize value at an attractive valuation, as stated by Arthur Lang, the group chief financial officer of Singtel. JSA Advocates & Solicitors advised Singtel on the on-market sale, with the financial aspect falling under the purview of their finance department.
