Singapore-based Singtel sold around an 0.8 per cent stake in Bharti Airtel for SGD1.5 billion ($1.2 billion), bringing the total generated by a capital management programme introduced in 2021 to SGD5.9 billion.

The operator claimed a net gain of SGD1.1 billion from the sale.

Singtel CFO Arthur Lang noted it has been working with Bharti Enterprises to gradually equalise its stake in Airtel over time.

Lang added the total capital generated is about half of the operator’s new mid-term target of SGD9 billion. “This gives us the financial flexibility to strengthen our balance sheet” and fund growth opportunities in digital infrastructure and digital services.

The sale reduces Singtel’s interest in Airtel to 27.5 per cent, valued at an estimated SGD51 billion.

In August, Singtel sold about 1.2 per cent of its stake in Airtel for SGD2 billion.

Singtel is the largest mobile player in the city state with 4.6 million connections at end-September, data from GSMA Intelligence showed. Airtel is the second-largest operator in India with 364 million mobile connections.