Daily Briefing: Singtel to buy stocks worth US$525m in Bharti Airtel; Auction sales slumped 46.5% to $55.3m in 2018

Singapore Telecommunications is set to buy an approximate US$525m worth of stocks in Indian telecom Bharti Airtel as part of the latter’s efforts to raise US$4.6b through new shares and bonds.

After the rights offering, Singtel’s effective interest in Airtel will be 35.2%. Singtel has a direct equity stake of about 15%, according to Refinitiv data. At the same time, the number of properties sold under the hammer dropped 25.5% YoY to 35, of which 26 are residential properties. The overall sales translate to a success rate of 3.1%, which is of the 6.2% recorded in 2017.

A total of about 500,000 tickets will be available. Registration will open online at jewelpreview.com at 6am on Mar 12. Each member of the public can register for up to four participants.

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