India, May 17 -- Singapore Telecommunications (Singtel) announced on Friday that in a move to optimise its asset portfolio and enhance shareholder returns, it had sold approximately 1.2 per cent of its direct stake in regional associate Bharti Airtel for SGD 2.0 billion.

The transaction was completed through a private placement involving a range of institutional investors from India and overseas, including existing Airtel shareholders. Singtel stated that the offering attracted strong demand and was significantly oversubscribed, resulting in a larger transaction size and a tighter final price than initially expected. The majority of the placement was taken up by international long-only funds and domestic mutual funds.

Arthur Lang, Group...