As of 12 noon Friday, Xin Telecom's stock price rose 1.33% in the morning to 3.80 yuan.
Xin Telecom has not yet responded to the relevant inquiries from Lianhe Zaobao.
It is reported that Singtel may sell its stake in the associated company Bharti Airtel, India, with a total value of Rs 8,570 crore (about S$1.3 billion). If true, this would be one of India's largest deals this year.
According to Bloomberg, the terms of the sales agreement show that Pastel, a subsidiary of Xintel, plans to sell 47.6 million shares equivalent to 0.8% of the equity at a reserve price of 1,800 rupees (about S$27) per share. The price is 3.6% lower than the closing price of Bati Airtel on the Mumbai Stock Exchange on Thursday (May 15).
The report also said that the transaction will be held on the local stock exchange on Friday (16th) and will be settled next Monday (19th). The final selling price will be determined after the transaction is completed.JPMorgan India Pte Ltd is the exclusive broker for this transaction.
According to Bloomberg statistics, as of March 31, Pastel held approximately 9.2% of the shares of Bati Airtel. Pastel reduced its holdings by about US$711 million (about S$920.7 million) in March last year, with the goal of raising funds to invest in areas such as data centers.