Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

Singaporean telecom company Singtel Group is planning to sell a $1-2bn stake in Bharti Airtel to the latter’s Chairman Sunil Mittal family as per sources. Bharti Telcom is the promoter company of Bharti Airtel with a 35.85% holding. Since 2000, Singtel has been a shareholder in Bharti Telecom with a 49.44% stake and the rest being held by the Mittal family. Additionally, through investment companies, the Mittal family and Singtel directly hold 6.04% and 13.84% respectively in Bharti Airtel, effectively taking their shareholding to 24.13% and 31.72% respectively in the telco. Offloading shares worth $2bn reduces Singtel’s holdings by around 4%. Singtel is considering using the stake sale’s proceeds for investments in the digital services sector such as financial services, gaming, and streaming across South Asia. Bharti Airtel will continue to be a core investment in Singtel’s international portfolio.

Singtel’s dollar bonds were trading higher, with its 7.375% 2031s up over 0.36 points to 129.20, yielding 3.70%.

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