New Delhi, May 15 -- Singapore-based telecom conglomerate Singtel's subsidiary will sell shares worth Rs.856 crore or a 0.8% stake in Bharti Airtel through a block deal on Friday, according to people in the know.

Pastel Ltd, Singtel's subsidiary, will sell 47.6 million Bharti Airtel shares at an offer price of Rs.1,800 per share. This is a 3.3% discount to the closing price of Rs.1,863.10 on the National Stock Exchange. Brokerage JP Morgan will manage the deal.

Promoter group company Pastel holds a 9.49% stake in Bharti Airtel as of March, as per BSE. Singtel also partially owns Bharti Airtel's parent company, Bharti Telecom.

The stock touched a 52-week high of Rs.1,917 on 7 May on the NSE. On 15 May, Bharti Airtel shares closed 1.6% u...