Singtel announced on Friday that it has divested approximately 1.2% of its direct stake in Bharti Airtel for S$2 billion (around USD 1.5 billion), as part of its ongoing strategy to actively manage capital, streamline its asset portfolio, and enhance long-term shareholder value.

The stake was sold through a private placement to both international and Indian institutional investors, including some existing Airtel shareholders, the company said.

According to Singtel, the offering received strong demand from current shareholders and new investors, leading to oversubscription. This resulted in an upsized transaction and final pricing that was more favorable than initially anticipated.