Singapore Telecom (Singtel) is reducing its stake in Indian multinational telco Bharti Airtel.

Singtel is selling a 3.3 per cent stake for $1.61 billion (€1.6bn) and the equivalent of 198 million shares. The shares were held in Singtel’s Pastel and Viridian subsidiaries.

Following the sale Singtel will own 29.7 per cent on Bharti Airtel. The sale is expected to wrap on or before November 23rd.

Bharti has been successful in securing $5.4 billon worth of spectrum as a result of the recent Indian auction of capacity in the 900MHz, 1800MHz, 2100MHz, 3300MHz and 26GHz spectrum bands.

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Tags: bharti airtel, india, singtel